Succession Planning
Identifying successors and ensuring they are ready to assume future leadership responsibilities is critical to ensure long-term organizational stability and success.
4 Facts to Know
60% of second generation leaders fail
90% of third generation leaders fail
95% of small or middle market companies do not have formal succession plans
Most families report discord during and after the succession occurs
Transition is undoubtedly something every organization experiences – the ebb and flow of people entering and exiting various roles. Some organizations have mastered a process of continuous succession planning. Yet, many businesses remain unprepared for sudden or imminent changes that require immediate action.
Ultimately, succession planning is an ongoing process and can provide many important benefits including:
- Transfer of critical business knowledge
- Supply of qualified leadership candidates
- More defined career pathways
- Improved cross-functional development
- Sustainable organizational success
- Improved long-term financial performance
- Reduced turnover of key employees
EDSI's Jim Bittlerle Featured on Project HR
Listen to this podcast for additional insight into the topic of succession planning, including how it can help you “hire for the future.”
Download Our Free Succession Planning Templates
Are you looking for a way to find the right person to take over a position? Fill your talent pipeline? Ensure that valuable knowledge is transferred before it's lost? Or, did someone say the word, "retirement?" Our easy-to-use templates can get you started.
Download TemplatesDeliverables
A detailed organizational review
Current and future organizational charts
Job descriptions and job task analyses for all positions
Development plans for all successors
At-risk knowledge documentation
Implementation plan
Let's Dive In
Identifying successors is only a fraction of the process. Ensuring the successors are ready to assume future responsibilities is critical. EDSI places heavy emphasis on the development of successors to ensure long-term organizational stability and success. Services included in our turnkey succession planning events include:
- Provide beginning-to-end project management services
- Conduct comprehensive organizational review
- Provide prioritized talent management recommendations
- Identify current organizational structure, and define future organizational structure
- Identify 1-2 successors for all critical roles
- Assess successors skills, knowledge, interests and behaviors to identify development requirements
- Create development plans to ensure successors are prepared for future roles
- Provide customized training for individual development plans
- Identify knowledge loss risks and priorities
- Capture at-risk knowledge and build knowledge transfer activities into individual development plans
- Document and communicate all phases of the plan
- Create implementation plan
Remote Succession Planning Services
Remote Succession Planning is a convenient and effective strategy when it comes to identifying successors and safeguarding your company's future. Watch this video for an overview on our remote succession planning service.
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