PMMI ELC: Six Steps to a Successful Succession Plan

2.    Identify A-Players

• Look for employees with:

            - Alignment with core values

            - Big-picture thinking

            - Consistent goal achievement     

• Don't just focus on experience, but also attitude and transferable skills

3.    Develop Clear Role Expectations

• Create detailed job scorecards, not just job descriptions
• Define 5-8 core competencies for leadership roles
• Include specific mission, objectives, and performance expectations

4.    Build Bench Strength

• Mentor potential successors
• Expose high-potential employees to broader responsibilities
• Prepare backup leaders who can step in if key personnel are unavailable

5.    Make Tough Decisions

• Be willing to promote from within or hire externally
• Assess whether selling to an industry buyer might be the best option
• Prioritize the long-term health of the business over short-term comfort

6.    Involve Your Leadership Team

• Collaborate on defining role requirements
• Get input from key stakeholders
• Ensure alignment on succession strategy