Many educational institutions think that succession planning is simply about finding a replacement CEO when faced with a crisis or an eminent retirement. Effective succession planning is actually an alignment of an organization’s ongoing staff development with its strategic vision. Proper positioning allows an organization to:
Strategy Solutions’ succession planning process guides organizations to evaluate their current situation and identify the short and long term leadership needs. This includes looking at the organization’s life cycle stage and strategic plan to determine whether an emergency succession plan is in place. This succession plan should cover “who would do what” in the event a key leader could not fulfill their responsibilities. Additionally, it looks at the timing for leadership succession and determines the knowledge, skills and abilities required for new leaders in the future. It also outlines training and development needs as well as potential restructuring opportunities in the event that the CEO’s retirement will likely happen within five years. Effective succession planning creates an action plan to ensure effective leadership succession.
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