Prepared for Anna | Delivered July 18, 2019
Succession Planning Best Practices
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To establish succession planning best practices preferably from the media and tech industries that will be used in revamping a company's succession plan.
Prepare succession plan as early
as possible: Succession planning should be done early on to avoid challenges when a leader leaves unexpectedly. In addition, succession planning should begin as early as
5 years before
the exit of the current leaders in an organization.
: Possible replacements within the organization should be identified. This is requires a
of the current employees skills and capabilities. For technology companies, identifying possible successors who possess both IT and leadership skills would be ideal.
CEO and Board of Directors
: Succession planning should not be confined to the HR department but should instead be led by an organization's top leadership (that is, the CEO and the Board of Directors). Having commitment from the CEO and Board of Directors ensures that process gets assigned the right time and resources to ensure its success.
Testing leadership mettle:
A succession plan should allow leaders to
test potential successors' l
eadership skills through allowing them to tag along on top meetings and asking them tough questions to get their perspective.