Three Important Elements of Succession Planning
Do we have suitable candidates available to fill important roles in the near future (three to five years) as well as the far future (five to 10 years)? is a question that more and more businesses are posing.
When a candidate pool for future leadership positions is created using high performers, one or more successors for important positions are selected as part of the succession planning process. Each successor is prepared specifically for their upcoming duties. Simply put, succession planning is a highly specialized method of staff development that ensures the company’s future stability and growth.
Planning for succession entails more than just having a strategy for internally promoting workers. The effort goes beyond staff development, too. Despite the importance of these sectors, successful succession plans contain three essential elements.
1. The creation of a succession plan is the first part. The following components are included in this step:
- The competency model’s criteria for the succession pool are established.
- There are recognized candidates for the succession pool.
- Gap analysis is done to identify areas that need development.
- The purpose of a development plan is to create a strong succession pool and address
any potential gaps in competence.
2. Leadership development is the second element. This comprises:
- Business needs and expectations are communicated internally.
- executive coaching and educational initiatives.
- Opportunities for job-based learning for applicants in the succession pool (i.e., cross-training, lateral job transfers to build breadth of business knowledge, specialized project responsibilities).
3. The third element is to make the process ongoing while paying close attention to how the business’s demands are evolving and how it may affect the pool of potential successors. This component’s measurement and analysis are essential components.
A business can benefit financially from having a succession plan in place. A successful plan’s execution yields the following outcomes:
- A reliable, well-prepared pool of potential leaders.
- Decreased staff turnover.
- Less reliance on outside employment agencies.
- Less need for new training and retraining.
The success of the process ultimately depends on both process champions within the organization and expert facilitation by individuals who bring best practice knowledge and an objective perspective not typically available to professionals internally. The process is driven by the organization’s leaders, who have a crucial role to play.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
Business Succession Planning Attorney Free Consultation
If you have any questions or in need a Business Succession Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate, Business Succession and More
When you need a Lawyer, contact this law firm:
Parklin Law
Sandy, Utah
|
Sandy
|
|
|---|---|
Sandy City Hall in September, 2009
|
|
Location in Salt Lake County and the state of Utah.
|
|
| Coordinates: 40°34′21″N 111°51′35″WCoordinates: 40°34′21″N 111°51′35″W | |
| Country | United States |
| State | Utah |
| County | Salt Lake |
| Founded | 1871 |
| Incorporated | 1893 |
| Government | |
| • Mayor | Monica Zoltanski[1] |
| Area | |
| • Total | 24.16 sq mi (62.58 km2) |
| • Land | 24.15 sq mi (62.55 km2) |
| • Water | 0.01 sq mi (0.03 km2) |
| Elevation | 4,450 ft (1,356 m) |
| Population
(2020)
|
|
| • Total | 96,904 |
| • Estimate
(2019)[3]
|
96,380 |
| • Density | 3,990.73/sq mi (1,540.84/km2) |
| Time zone | UTC−7 (MST) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP codes |
84070, 84090-84094
|
| Area code(s) | 385, 801 |
| FIPS code | 49-67440[4] |
| Website | www.sandy.utah.gov |
Sandy is a city in the Salt Lake City metropolitan area, located in Salt Lake County, Utah, United States. The population of Sandy was 87,461 at the 2010 census,[5] making it the sixth-largest city in Utah. The population is currently estimated to be about 96,380 according to the July 1, 2019 United States Census estimates.[6]
Sandy is home to the Shops at South Town shopping mall; the Jordan Commons entertainment, office and dining complex; and the Mountain America Exposition Center. It is also the location of the soccer-specific America First Field (formerly known as Rio Tinto Stadium), which hosts Real Salt Lake and Utah Royals FC home games, and opened on October 8, 2008.
The city is currently developing a walkable and transit-oriented city center called The Cairns. A formal master plan was adopted in January 2017 to accommodate regional growth and outlines developments and related guidelines through the next 25 years, while dividing the city center into distinct villages. The plan emphasizes sustainable living, walkability, human-scaled architecture, environmentally-friendly design, and nature-inspired design while managing population growth and its related challenges.[7]
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
No data matched by id...
Three Important Elements of Succession Planninghttps://t.co/p5pg4kbrGz
— Ruby Norta Gumapac (@NortaRuby) November 25, 2022
Comments are closed.