If you are reading this article you already have an understanding of why succession management is important. In this article, we want to focus upon what components in your succession management plan will ensure success and meet your plan's objectives.

Key Lessons

1. Use a structured approach. There are several good approaches in the business and professional literature. Some have 5, 7 or 10 steps in the succession management process they espouse. Generally, they tend to look something like this:

• Customize your succession plan to your organization
• Base the plan upon your future business strategy
• Put together a structured plan and process with timelines and key positions targeted by management level
• Ensure you have Senior Management and/or Board "buy-in"
• Use objective assessment tools and procedures
• Focus on development of the selected successors
• Keep your succession plan current; revise, update and validate the plan's outcomes
• Use whatever will work for you. Ensure it is adhered to.

2. Know your people. Really know your people. Spend your time and efforts on developing an in-depth understanding of the strengths and developmental areas for your selected high potential candidates and successors. In fact, half of your succession management efforts should go into the assessment of your people. To do this well consider the following:

• Use multiple data sources
• Hire objective third party assessors with a track record of spotting talent
• Validate your assessment decisions
• Use internal talent scouts and reward the good ones
• Switch your assessment experts if they do not demonstrate an excellent track record in getting a handle on your human capital
• Have a development plan. The major deliverable from knowing your people is an effective and easily implemented development plan

3. Hold the Boss accountable for the development plans. Just as you hold the plant manager accountable for ensuring a piece of capital equipment is operating at peak efficiency and expectations, you should ensure the managers of the high potential or leadership candidates are growing them effectively so that they are achieving their potential. If these individuals are not effective at growing your talent pool, hold them accountable and do not reward them. If all else fails, replace them with people who are capable and interested in growing the future leadership of the organization.