An organizational succession plan should always have a plan B. It is one of the biggest problems for any business and a core issue for leadership. Succession planning is like an insurance plan for the survival of your business. So it stands to reason then, that if you don’t have a succession plan, you can’t ensure that your business will survive after your resignation. The good news is, it’s never too late to start the development of a succession plan. All you and your team have to do is answer a few questions and write the plan to set it in motion once it’s needed. It’s no easy task however, and as it becomes a higher priority as BaBoomers enter retirement it’s of growing importance to be able to answer these questions. Brendan O’Neil, Solutions Architect at CareerBuilder, provides the essential questions to ask in order to create a well-rounded succession plan:
How many people will be leaving the organization – both voluntarily and involuntarily – over the next 5-7 years?
The youngest BaBoomers turn 50 this year and are preparing to retire. Your organization has to be ready for the retirement or removal of key players to the team. The maturing age group makes up 13% of the American population, and that could mean a large percentage of employees retiring from your organization.
What skill sets will those employees who are leaving take with them?
In preparation for several key members to leave the organization, understand what their positions are. Detail job descriptions accordingly so the team can adjust functionally and culturally for the impending change.
Will we recruit externally or promote from within to fill those gaps?
A vast majority of organizations – 77% of them – realize the significance of internally recruiting candidates for promotion. However, even though so many understand this key fact, 54% do less than one-third of their recruitment from within the organization. Take into account the financial responsibility of committing to an external recruitment plan and if that’s a risk your organization is willing to take. While internal recruitment strategies may save the budget, external recruitment can bring life and fresh ideas into the office.
What’s going on outside the organization that could affect my ability to recruit the employees we need?
Pay attention to economic and employment trends. Mass layoffs and the size of college graduating classes are just two examples that can have an impact on how your team formulates a recruitment strategy.
Where is the supply of candidates going to come from?
Your career page, job boards, and social job advertisement all have a part in recruitment strategies. What do they have in common? They are all on the internet. Online recruiting can save companies as much as 50% in cost-per-hire.
Where will our company be in 3-5 years, and what does that mean for the type of people we will need to recruit?
Projecting your organizational needs as well as employee needs can help decide the future of your team. This can help your recruitment team determine which niche job boards it will be best to post job openings to.
What type of training opportunities do we need to provide to ensure our current employees develop the skills we need?
As the BaBoomers enter retirement, the Millennials are entering professional employment. That means, your organization will need to prepare the training programs set in place appropriately. Because 40% of Millennials are interested in careers that allow for growth and accomplishment, training programs need to determine a career path.
Now that you’ve asked all of these questions, do you have a backup plan? Your succession plan is dependent upon how thorough the questions are answered so your organization can be prepared from A to Z when a key team player leaves the company. Give your team the tools they need to keep the organization thriving as BaBoomers retire. They have big shoes to fill and with a succession plan, it will be much simpler for your team to compensate for any gaps in the team.
