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Subject: Succession Planning

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Martin

Apprentice
Posts:14

17-03-2008 1:22 PM
I am trying to formulate and implement a succession planning framework for a medium size manufacturing company that has only been around for about 10 years. Anyone know or work for a business that does succession really well?

Stuart

Apprentice
Posts:14

18-03-2008 10:34 AM
Hi Martin Our Company are very new to this and I don't know that much about it but I know someone does. Should you like me to pass on your request to them please drop me an e-mail.

Sideshowbob User is Offline

Apprentice
Posts:13

19-03-2008 11:01 AM
I don't know if this would work in your type of business but there is a model that allows owner managers to create a plan for existing staff to take over the business based on their ability over a fixed time frame, to take on the tasks of the senior executives ,say two or three years ahead of the succession date, and as part of the plan to prove during this period that they are able to increase the value of the business, Having valued the business at the start of the excercise and at annual intervals, the new management team are able to increase their share holding in the business and eventually take the business over leaving the outgoing management to retain a small percentage in the business until such time as they want out altogether. The model is then repeatable as long as the business continues to grow. This model offers great incentive for the existing or any incoming staff to perform to the highest level as they know they will reap what they sow.

Gemma

Apprentice
Posts:33

20-03-2008 1:23 PM
Hi Martin I have been involved in several succession planning systems and processes in some small and also world leading organisations and there is one consistent error that is made regardless of the organisation - make sure those individuals named in the succession plan know they are part of a succession plan. I have been involved in various forms of succession planning systems, each with their own pros and cons. The single most effective element of any programme is actually telling someone that they are part of a succession plan. This creates motivation and focus. Then a programme to development and support those identified can be implemented. As for the actual tool, one of the most effective implementations I have worked with was a simple spreadsheet - it's not the tools more the development plan that differentiates between a business process and an effective and robust succession plan.

Professor

Posts:9

21-03-2008 1:04 PM
Hi Gemma, I have just been given a similar project to you and have no idea where to start. Could you pass on some advice or information? Thanks

Isaac

Apprentice
Posts:12

24-03-2008 10:12 AM
I have put succession plans together for more years than I care to state, but they have worked, particularly when there have been catastrophies. They have to be living documents no point putting them in the drawer. Think of them in three timelines 1. Emergency cover - who can do the job immediately to stop everything from falling over 2. Who can do the in the next 1 - 2 years and who is showing potential to grow into a job 3-5 years down the line. Consider what are the competencies and experiences needed for the job and consider how the individuals will gain them. May be formal training, secondments or just time served in another role. Big question here is - Do you let someone know they are on a succession plan - you have to watch data protection because people can ask to see what data is held on them. This is not something you can do alone and I used to take the Board away for a day to discuss the top teams and they in turn would work with their teams to cascade the plan through the management chain Good luck Isaac

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