“One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it's almost a non-event when it happens.”
Anne M. Mulcahy
Does your company have a Succession Plan? If one or more of your key employees chooses to leave the company, what impact does that have on your operation? How long will it take to get back to capacity? What if it is a sudden change such as illness or death? Who steps in and how does a sudden absence impact the operation? What about the age of your employees? How many are going to retire in the next 1, 3 and 5 years? What impact does that have on the operation?
All of these questions can be answered and planned for with a quality succession plan. Creative Business Solutions has designed and helped implement many succession plans for our clients over the years. These plans are customized for the individual organization and may be designed for one key position like the CEO or for several key positions. Most importantly, these plans allow a company to be proactive at a time when proactivity matters most.
The planning starts with an assessment of the key positions in the organization. We look at who is in each of the key positions and how long they have before retirement. We also look at how many staff members are ready to move into a specific key position now or could be ready within a certain time frame. We then look at each staff member and create an individual profile. This consists of their position, length of time with the company and in the position, career goals, education and special skills, and the development needed to move up.
One of the tools we use for the individual assessment is a Profile XT. This is an individual assessment that measures behavior traits, learning styles, and occupational interest. Having the staff complete these profile assessments allows you to place your people in positions that complement their individual styles. It also allows you to place them on teams that complement each other. This is one of the best tools you can use to set your employees up for success and improve the overall efficiency of your operation.
When CBS completes your succession plan you will have a bird’s eye view of what your organization looks like. You will know what training needs to be done and which employees are likely to move up in the organization. You will be able to see gaps in the organization’s structure that relate to behavior traits or work styles of your staff. Most importantly, when you implement the plan you will likely increase employee morale and retention, and reduce costs for external hiring in the future.
If you would like more information on succession planning or individual profiles, please call us today. We would love to sit down with you to discuss your company needs and develop a plan that is customized for you.