What is a plan of succession template?

A succession planning template is an outline that helps you prepare for key personnel changes, especially in leadership roles. It’s a document (or several documents) identifying high-performing employees in view of nurturing and promoting them to fill critical positions.

Typically, a succession plan includes sections for:

• Evaluating current talent
• Identifying potential successors
• Creating development plans
• Establishing time lines
• Addressing contingency scenarios

Having a clear, organized framework enables you to proactively respond to leadership changes, preempt skills gaps and maintain business continuity. In essence, it helps you secure your company’s future by thoughtfully nurturing talent.

*Indeed provides these examples as a courtesy to users of this site. Please note that we are not your HR or legal adviser, and none of these documents reflect current labor or employment regulations.

Why is succession planning important?

Here’s why succession planning matters.

• Alignment with business goals: Ensures that leadership transitions consistently remain aligned with long-term goals and organizational culture.
• Leadership engagement: Involves executive and senior leadership, fostering commitment to talent development and keeping key stakeholders in the loop
• Development of key talent: Provides clear pathways for high-potential employees, empowering them to grow into future leaders
• Communication of roles and expectations: Promotes transparency and alignment across the organization, reducing confusion
• Efficiency: Simplifies the process, guiding HR professionals and leadership teams through each stage
• Consistency: Standardizes the approach and ensures all stakeholders have a clear understanding and reducing bias
• Time management: Taking a proactive approach to succession planning streamlines the process, saving valuable time and resources by eliminating the need to start from scratch during high-pressure transitions
• Future-proofing: Identifies and nurtures internal talent, ensuring continuity and stability even in times of change

Types of succession planning

Proactively planning for succession ensures that you maintain continuity in crucial functions. Let’s look at the different approaches to preparing for changes in leadership roles.

Basic succession planning

Basic succession planning is a roadmap to ensure smooth transitions within your organization. It starts with identifying key roles and then assessing the skills and potential of your current employees. Finally, it involves identifying potential successors and implementing training and development programs to prepare them for future leadership roles.

To develop a robust basic succession plan:

1. Identify key positions. Start by identifying critical roles within the organization. These positions are crucial for the operation and growth of your company. This could include executive roles, key technical positions or any other roles integral to the functioning of the business.
2. Assess current talent. Evaluate the skills, experiences and potential of existing employees. Identify high-potential individuals who could fill key positions in the future. Then, assess their current performance and capacity for growth and development.
3. Develop a talent pipeline. Implement strategies to nurture and develop high-potential employees. Find ways to provide them with opportunities for training, mentorship and exposure to different aspects of the business. Encourage cross-functional experiences to broaden their skill sets.
4. Create succession plans for key roles. For each critical position, develop a succession plan outlining potential candidates and their development paths. Establish clear criteria for advancement and identify milestones for career progression.
5. Monitor and adjust. Regularly review and update the succession plan as needed. Business priorities and employee circumstances can change over time, and it’s essential to adapt the plan accordingly. Continuously monitor the performance and development of potential successors to ensure they remain on track.

Emergency succession planning

Emergency succession planning is a shield against disruptions to your operation. It’s crucial to have a blueprint in place for scenarios such as sudden illness, unexpected departures and other unforeseen circumstances that could leave key roles vacant.

Here’s how:

• Identify critical roles. Pinpoint the roles within your organization that are absolutely vital for day-to-day operations and long-term success.
• Designate backup candidates. Have backup candidates ready to step in. These individuals should be trained and prepared to assume their new responsibilities.
• Document processes and procedures. Document key processes and procedures to give backup candidates everything they need to quickly get up to speed.
• Communication is key. Keep lines of communication with your team open so everyone understands their roles and responsibilities in the event of a sudden change.

Executive succession planning

Crafting a CEO succession plan involves identifying and preparing potential successors for the executiveposition.To navigate CEO succession planning effectively:

• Identify leadership qualities. Determine the key qualities, skills and experience required for your company’s CEO role. Remember to look for individuals who also embody your company’s values and vision.
• Develop internal talent. Cultivate a pipeline of internal talent by providing leadership development opportunities and mentoring programs. That means investing in the growth and advancement of high-potential employees who demonstrate the willingness and capability to step into the CEO role.
• Consider external candidates. While internal candidates may be preferred, it’s also important to consider external candidates who could bring fresh perspectives and experiences to the table. Conduct thorough assessments to ensure alignment with your company culture and strategic goals.
• Succession planning committee. Establish a dedicated succession planning committee responsible for overseeing the CEO succession process. It should include key stakeholders such as board members, executives and HR professionals.
• Transparent communication. Maintain transparent communication with stakeholders throughout the CEO succession planning process. Keep investors and other relevant parties informed to build trust and confidence in the leadership transition.

Identifying and nurturing high-potential employees

To identify future leaders, assess each employee’s performance, potential and readiness for advancement. Performing skills gap analyses is the first step, and the second is creating employee development plans.

Skills gap analysis

Skills gap analysis involvesevaluating employees’ existing skill sets and identifying areas where additional training or development is required to bridge the gap. These are the components:

• Role definition. Clearly outline the skills, knowledge and abilities essential for key roles within your organization. To ensure precision, ask for insights from stakeholders, perform comprehensive job analysis and benchmark against industry standards.
• Assessment of current skills. Evaluate the skills and competencies of your workforce to gain a comprehensive understanding of your company’s capabilities. Use various methods, including performance evaluations, skills assessments and feedback from managers and peers.
• Identification of skill gaps. Compare the skills required for a high-stakes role with those possessed by individuals, pinpointing any gaps. That might mean technical skills, leadership experience, soft skills and other competencies relevant to the position.
• Monitoring and review. Continuously monitor progress and assess the effectiveness of initiatives to close skills gaps.
• Development planning. Craft targeted development plans to address identified skill gaps and nurture talent effectively. Consider offering tailored training, mentorship opportunities, job rotations, stretch assignments and other enriching experiences to facilitate skill acquisition and growth.

Employee development plans

Employee development plans strategically nurture and enhance employee skills. Here’s how to use them to support succession planning:

• Goal setting. Employee development plans begin with a thorough assessment of individual strengths, weaknesses and career aspirations. This process lets you identify high-potential employees toprepare for future leadership roles.
• Skills enhancement. Development plans focus on enhancing essential skills and competencies required for leadership positions. Through targeted training, coaching and skill-building activities, employees develop the capabilities needed to transition into key roles during planned or unplanned succession.
• Cross-functional exposure. Provide opportunities for employees to gain exposure to various functions and departments within your company. Cross-functional experiences broaden their understanding of the business and prepare them for promotion.
• Mentorship and coaching. Mentorship and coaching programs pair employees with seasoned leaders who provide support and valuable insights. These relationships accelerate learning and help employees navigate the complexities of leadership.
• Stretch assignments. Offering challenging assignments and projects that push employees outside their comfort zones is a hallmark of effective development plans. Stretch opportunities allow individuals to test and refine their skills, preparing them for the demands of higher-level roles in succession scenarios.
• Feedback and performance reviews. Regular feedback and performance reviews are essential components of employee development plans. They provide valuable insights into progress and areas for improvement and help you measure alignment with succession goals.

Succession planning best practices

Let’s explore some key succession planning best practices:

• Start early. Succession planning should begin well before key positions become vacant. Aim to identify and develop talent early on so you can ensure a smooth transition when the time comes.
• Focus on diversity and inclusion. Embrace diversity and inclusion in your succession planning efforts. Ensure that your talent pool reflects a variety of backgrounds, experiences and perspectives to drive innovation and resilience within your business.
• Regularly review and update the plan. Succession planning is not a one-time event but an ongoing process. Regularly review and update your succession plan to reflect changes in business priorities and the market.
• Communicate transparently. Maintain transparent communication with employees about succession planning efforts. Foster a culture where individuals feel valued and informed about their potential for growth within the company.
• Measure succession planning effectiveness. Establish metrics to track the effectiveness of succession planning efforts. Use key indicators such as talent retention and promotion rates, and use leadership readiness assessments to gauge the impact of your strategies.
• Prepare for contingencies. Anticipate potential obstacles in your succession plan. Developcontingency plans for unexpected events to promote business continuity and facilitatesmooth leadership transitions.
• Celebrate successes. Celebrate successes achieved through succession planning efforts to amplify the positive message around your company.

Download our succession planning template

Succession planning is a proactive strategy for maintaining operational excellence. By identifying skills gaps, nurturing internal leadership pipelines and embracing succession planning best practices, you can navigate challenging transitions with ease. Having a plan of succession template at hand means you can instantly get into planning and executing your strategy at any given time.

Indeed’s succession planning template is fully customizable, so you can adapt it for any type of succession planning. Download it today and start future-proofing your business.

*Indeed provides these examples as a courtesy to users of this site. Please note that we are not your HR or legal adviser, and none of these documents reflect current labor or employment regulations.