With business landscapes changing more rapidly than ever before, planning ahead is not simply a good idea—it’s vital. One of the best ways to prepare your business or company for the future is by creating a succession plan. Succession planning will not only help you measure the health and preparedness of your company; its goal is to identify unforeseen gaps and then prepare accordingly.
After establishing a succession plan and pinpointing key individuals and positions, how can you assess the plan’s success and overall efficacy? Several metrics and standards are available to gauge the plan’s readiness in case of an unforeseen departure. Here’s a list of some important factors to consider that will help give you peace of mind about any future changes.
Tracking Employee Growth and Progress
The goal of succession planning is to create a smooth transition from one leadership position to another—and the best way to ensure that is to measure and track productivity and growth with your current employees. You should specifically develop a talent management pipeline that allows you to monitor individuals who already are (or have the potential to be) within the succession pipeline.
Once you have identified employees with high potential to succeed in senior positions, you should continuously assess performance and productivity, providing feedback when necessary. It’s also important to implement training and development programs to offer opportunities for employees to acquire the necessary skills and knowledge for future roles.
Evaluating the Impact on Team Performance
Measuring the impact of a succession plan on your team’s performance is a critical step in the planning and preparation for leadership changes. It’s important to evaluate changes in your team’s productivity and performance both before and after the succession plan implementation. Consider metrics such as project completion rates, meeting goals, and overall team efficiency. You can compare these methods against a baseline assessment to identify improvement opportunities.
Gathering Feedback From Key Stakeholders
Key stakeholders may be anyone involved in or affected by the succession plan—this may include current leaders, potential successors, HR professionals, and other relevant parties. Their feedback can be crucial to assess the effectiveness of your succession plan and to evaluate any changes that may need to be made.
It’s important to establish structured feedback mechanisms such as interviews, surveys, focus groups, and even 360 assessments in addition to one-on-one discussions. Once you’ve gathered feedback, thoroughly analyze the data to look for areas where the succession plan is succeeding, as well as areas that can use adjustments or improvements.
Work With the Experts
A succession plan will help provide a smooth transition of leadership and maintain stability in your organization or company, so it’s important to measure and evaluate its readiness for when the unexpected occurs. Come work with our skilled team of experts who are ready to help ensure your long-term success. To learn more about succession planning and how it can help your business mitigate risks, visit our information page.