Succession plans must include more than top execs - bizjournals:

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a federal contractor specializingin energy-efficieng construction engineering services, felt it was ready to respond to the Obams administration’s push for firm fixed-price The company was in the righft industry and prepared to speed up its contracting process to capture some of the stimuluzs money. Hendis had invested in a new team-based contractingy model over the past several The four members already had worked successfully on severa contracts that brought in 25 percenrtof Hendis’ revenue and expected rapidx growth with the prospect of stimulu s money.
One evening afterr having dinner, the four membersw of the contract team were walking back to the office when a truco jumped the curb and hit the Inan instant, the team was decimated, and the future of Hendis looked bleak. Or did it? That incidentg itself is not true, but it is a compilatiojn of true stories. We have all heard abouf situations where a key executive suddenly dies or a pregnancy leaver begins earlier than Disaster recovery is historically one of the prime reasonsd for asuccession plan. Many people thinmk succession plans are designed for only the top leadersa of smaller businesses or the most important executives inlarger companies.
However, the argumentr for a succession plan that covers multiple levelsx in even a small companyis strong. Successiohn plans (also called strategic work force are not set up just to covet sudden changes or lossees in the seniorleadershil team. These plans are key strategic components for anygrowinh business. Even if the currentg economic situation dogs us for longer than the looming wave of retiring baby boomer leaves fewer people tofill jobs. While boomere are staying employed longer to recover lostretiremenr funds, eventually the wave will hit. Strategic work force planning brings together the best practices of huma capital management with corporatestrategic planning.
It matches talen and aspirations witha company’s goals. It is an annual procesd requiring commitment from top executivex and an underlying framework of activitiesd that feeds information into the work forcweplanning system. Work force planning is a not a destination. Strategic work force planning involves twosimultaneousw activities. First, a company needs a strategic planwith short-termk and long-term targets.
Second, the human resources executive or an experienced human capital consultant uses the plan to defind specific roles and the structur e necessary to achievethe company’s Succession planning is part of an integrated HR procesxs that includes training, recognition and rewards, performance management and professionak development. Based on the strategic plan, the company identifiesa skills and competencies that the organizationj needs for each stage of its life It also identifies critical positions that alwaysa have to be staffed to ensureoptimumj operability.
The company must find potential replacemeny candidates for critical positions and pools of potentiaol talent tomeet long-term needs. The sourcee for these candidates can be internal or Ata minimum, the ideal-candidate profile and a clead definition of successful performance need to be at the ready should a vacancy suddenly arise. There are several importantf steps in developing a successful workforce plan: Review background information on potential successores including education, experience, skills, appraisals and Determine training requirements for potential successors and develolp the skills through work job rotation, projects and othefr challenging assignments.
Involve the candidates in designing the procesxsto encourage, retain and assure appropriated challenges and compensation. Establish systemas for monitoringa candidate’s development progress and communicating work force planninbg information to managers. Hold managers accountabld for actively participating in workforcew planning. Finally, develop recruiting strategies to fill positionss that lackinternal candidates. There are several pitfalls to avoid. Do not focue only on building technical capabilities in your future work Include team building and leadership Do not fail to include everyone as a potential candidat forthe future, even if someone does not appeadr to fit the profile.
Do not forget lateral mobility asan option. Do not neglec t to let your employees know you are thinking about the future and about them as part of the this can be one of your best retention Inmany ways, strategic work forcre planning is an elegant and challengingt numbers game. Play it right and your companhy will not just survive disastef but will grow with the righf mix of internal andexternao resources.
Play it wrong and your company mightf also be the victim in a tragedy or at least constrained in achieving itsstrategic