Great Lakes Wire

Google defines succession planning as a business strategy companies use to pass leadership roles down to another employee or group of employees. Given that the youngest baby boomers are expected to begin retiring in 2031, companies should start preparing the next generation of leadership. A significant shift is anticipated, and companies need to be ready for seamless strategic continuity.

This article focuses on the importance of incorporating training into succession plans. Each month, Clifton Clarke discusses how people often underestimate the power and value of training. Many view training as a quick fix, but when included in succession plans, it can help companies navigate the upcoming wave of leadership changes.

Identifying critical positions in your company: When planning for turnover, it is necessary to understand which positions will need filling. From C-Level employees down to entry-level positions, an evaluation is essential to predict where they will be in five to seven years. Leaders should address these questions during regular one-on-one meetings with their teams. The training department or HR can provide insights into what courses current employees have taken and their progress, indicating their commitment to development and potential for advancement.

Determining skillsets needed: Once potential future vacancies are identified and job descriptions analyzed, determining the necessary skills becomes crucial. Training departments can offer insights into the skills required for each position by reviewing existing training programs and researching current role occupants' competencies.

Starting to look at people: Succession planning involves identifying individuals who may fill future leadership roles due to anticipated attrition. Training departments play a vital role here by helping create tailored training plans for these potential leaders. Assessing candidates' mentoring abilities also provides valuable insights into their readiness to lead teams.

Developing those candidates: With ample time before transitions occur, any identified gaps can be addressed through various training methods such as in-class or online sessions, on-the-job shadowing, and mentoring programs. Collaboration with current leaders helps identify intangible qualities needed for these roles, ensuring comprehensive preparation through targeted training efforts.

As companies prepare for future leadership transitions, considering training as a strategic partner is crucial. Training departments can develop programs, identify potential leaders, and enhance candidates' skills to ensure a smooth transition.

ASE Connect offers third-party training solutions from comprehensive analysis to course delivery both in-person and virtually.

By Clifton Clarke, courtesy of SBAM-approved partner ASE.

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