Developing a Succession Planning Template For Your Company

In this article, we will explore the core elements of an effective succession planning template, its benefits, and tips for creating one. With a solid succession planning template, you can proactively prepare for leadership transitions and ensure the long-term success of the change management of your organisation.

What Is a Succession Planning Template?

A succession planning template is a structured document that helps organisations plan for future management and leadership transitions. It outlines the key steps involved in identifying, developing, and ultimately placing suitable candidates into important roles to minimise disruption. These plans ensure business continuity during personnel changes.

The Core Elements of an Effective Succession Planning Template

A successful succession planning template ensures a smooth transition of key leadership roles. Here are the essential components of an effective succession planning template, from identifying critical roles and potential successors to crafting individual development plans and establishing a performance review process.

Identifying Critical Roles

Begin by pinpointing the positions within your organisation that are vital for its smooth functioning. Think senior management, department heads, or even specialist roles requiring a unique skill set. Assess the impact of a sudden vacancy in these positions for a smooth transition.

Identifying Potential Successors

This step requires a keen eye for talent to seek out individuals within your organisation who exhibit the potential to excel in important roles. These high-potential individuals may already be on a leadership track or display the raw talent and willingness to learn and grow.

It’s about identifying their strengths and areas for development. Consider creating profiles for each potential successor, outlining their current skills and performance, experience, and development needs. This will make it easier for your business to provide suitable development opportunities.

Developing a Skills Gap Analysis

You’ve identified your star players, but are there any gaps between their current skills and what those critical roles demand? This is where you compare existing competencies with what’s needed for those future leadership positions.

This gap analysis forms the basis of your development plans, ensuring your potential successors are equipped with the necessary skills. Each key role will require different competencies for a smooth transition into a leadership role.

Crafting Individual Development Plans

One size doesn’t fit all when it comes to professional development. You need tailored development plans. These plans may involve training programs to enhance specific leadership abilities, mentorship opportunities to gain valuable insights from experienced leaders, or even job rotations to broaden their understanding of different departments.

Regular review ensures alignment with evolving business needs and individual progress. This dynamic approach keeps the plan relevant and effective in a changing business landscape.

Establishing a Performance Review Process

Regular check-ins gauge the progress of your identified successors. Performance reviews help track their advancement, identify areas for further development, and adjust individual development plans as needed.

Open communication channels provide valuable feedback, address any roadblocks, and offer ongoing support. As your employees gain new experience, you’ll have better insight into whether or not they’re ready for future positions.

Benefits of Utilising a Succession Planning Template

A robust succession plan equates to a strategic business advantage. Here’s why:

Minimise Business Disruptions

Say goodbye to the fear of sudden departures throwing your operations. A solid succession plan lets you navigate vacancies with ease. You have someone ready to take the lead during tough times.

Retain and Develop Top Talent

When you provide a clear pathway for professional growth, you are showcasing your commitment to employee development. This helps you retain top talent and empowers them to envision a future within the organisation.

Save Money and Time

No more scrambling to fill key positions at the eleventh hour. When you nurture the internal talent pipeline, you’re minimising expensive external recruitment and lengthy onboarding processes. This saves you both time and resources, allowing for more efficient allocation of budgets.

Strengthens Your Organisation’s Future

A forward-thinking approach demonstrates to stakeholders your commitment to long-term sustainability. It’s a powerful message to investors, clients, and employees alike, highlighting your ability to adapt to change. A culture of preparedness fosters stability and confidence in the company’s future.

Succession Planning Template Contents

A typical succession planning template includes the following information:

Overview of the Succession Planning Process

This section outlines the goals and objectives of the succession planning process.

Key Positions

Identify the critical roles within your organisation that have a significant impact on its success. Each key position will be described in detail, outlining the specific responsibilities, decision-making authority, reporting relationships, and skill requirements. 

When you clearly define these key roles, you can ensure that the succession planning process targets the most important areas of your organisation and sets the stage for developing a robust talent pipeline to fill these positions. 

This section will enable you to proactively plan for leadership transitions and minimise the potential risks associated with unexpected vacancies in key roles.

Talent Assessment

This section outlines the systematic process for evaluating the potential and readiness of internal employees to step into key leadership roles within the organisation. This involves conducting comprehensive performance evaluations to gauge an individual's current job performance, strengths, and areas for development. 

Skills assessments are utilised to identify employees' competencies and capabilities relevant to future leadership positions. The section may also specify other criteria, such as leadership potential, adaptability to change, and alignment with organisational values. 

This empowers the organisation to objectively identify and nurture high-potential employees, thus laying the groundwork for a robust talent pipeline and ensuring a smooth transition into critical roles when the need arises.

Development Activities

Outline the range of developmental opportunities that will be provided to employees identified as potential successors for key leadership roles. These activities may include formal mentoring programs, specialised training sessions, participation in leadership development workshops, job rotations, stretch assignments, and opportunities for cross-functional experience. 

With developmental activities, the organisation aims to equip high-potential employees with the necessary skills, knowledge, and experiences to prepare them for future leadership positions. 

This section serves as a blueprint for systematically grooming and enhancing the capabilities of employees, thus ensuring a steady supply of qualified individuals ready to step into critical roles, ultimately contributing to the long-term success of the organisation.

Succession Planning Timeline

This section serves as a guide for the entire planning process, providing a comprehensive timeline for critical milestones and deadlines. It outlines key activities and the specific timing for each phase of the succession planning process, including the identification of critical positions, potential successor assessments, and development plans implementation. 

Specific deadlines are defined for each phase, allowing employees and stakeholders to stay on track with the process.

The timeline also includes contingency plans and procedures outlining what to do if goals and milestones are not met, or if complications arise when implementing the development plans. 

With a succession planning timeline, the organisation can minimise the likelihood of gaps in leadership and ensure a smooth and effective transition to new leadership when the need arises. 

This section helps to establish clear expectations and objectives for the succession planning process, ensuring that the organisation is prepared for the future and able to sustain long-term success.

Communication Plan

This section details the strategies and approaches for keeping relevant stakeholders informed about the succession planning process. This includes identifying key stakeholders such as management, board members, employees, and other parties instrumental to the process.

The communication plan outlines the key messages, the timing of information release, and the methods used to share this information. For example, regular status updates could be provided through emails, newsletters, or other formal communication channels to keep stakeholders engaged and informed. 

Communication plans also often include training and educational efforts to help key individuals understand the importance of succession planning and their roles in carrying it out.

Creating a detailed communication plan is important because it ensures that all stakeholders understand the goals of the succession plan, the reasons why it is necessary, and the steps required to achieve it. 

Effective communication can help to build engagement and trust and enhance commitment to the process, while also reducing the potential risks and negative impacts associated with an unexpected leadership change. 

With a well-designed communication plan, the organisation can ensure the long-term success of its leadership pipeline and the sustainability of its business operations.

Tips on Creating a Succession Planning Template That Truly Delivers

A succession planning template is just the first step. Implementing it effectively, reviewing and adjusting it regularly based on your evolving organisational needs is what transforms a document into a strategic tool for continuous growth. Here are tips on how to create an effective succession planning template. 

Communicate Transparently

Openly communicate your succession planning goals. Sharing these plans underscores the value you place on your employees’ futures within your organisation.

This transparent communication fosters a sense of trust, engagement, and mutual commitment. It allows employees to actively participate in their career progression. 

Succession coaching may be able to help you communicate what you want clearly in your document.

Use a Structured Evaluation Process

Rely on more than just gut feeling when identifying high-potential employees. To establish fairness and transparency, employ assessment tools like 360-degree feedback, psychometric tests, or skills assessments to identify and cultivate those individuals primed for success in your organisation.

Remember, ensure your selection processes are fair and eliminate potential bias. Consider providing diversity and inclusion training to hiring managers.

Create Opportunities for Skill Development

Offer diverse learning pathways beyond standard training. Consider incorporating mentoring and coaching, job rotations, special projects, stretch assignments, or participation in industry conferences. The goal is to equip them with the well-rounded skill set they’ll need for leadership roles.

When potential candidates have the chance to hone leadership development skills, they’ll not only boost their chances at advancement but they will also become more valuable to the team.

Embrace Diversity

Aim for a leadership team that reflects the diversity of thought, background, and experience. Diverse leadership teams bring a broader range of perspectives and ideas that’s beneficial for effective decision-making.

Encourage inclusivity in both recruitment and succession planning processes to unlock a wealth of talent.

Monitor and Adapt Regularly

Review and adjust your succession plans in tandem with your business strategy and talent pool dynamics. A regularly reviewed and updated plan remains adaptable and aligned with organisational goals, even in a volatile business environment.

Create Your Own Succession Plan Template Today

Crafting a solid succession planning template should be an integral part of building your leadership for today and your talent pipeline for the future. This way, no matter what life throws at your organisation, you will have someone ready to take over when the time is right. 

Embrace the unexpected by implementing your own succession planning template. Ready to take control of your organisation's future leadership transitions? Download our free succession planning template now to ensure a smooth and seamless transition when the time comes. 

Schedule a personalised consultation with our experts from Auxesia to receive tailored advice and guidance on implementing a robust succession plan for your organisation. Don't miss out on valuable insights and updates on strategic leadership and planning - subscribe to our newsletter today!