What is a Leadership Succession Plan?
A leadership succession plan outlines a strategy for transitioning from one leader or group of leaders to another. It identifies potential leaders, develops their skills and provides opportunities for advancement. It also monitors progress against targets and keeps the plan up-to-date as needed. The goal of a leadership succession plan is to ensure that the right people are in the right positions at the right time, minimizing disruption and uncertainty when changes in leadership occur.
What's included in this Leadership Succession Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Leadership Succession Plan template for?
This leadership succession plan template is for organizations of all sizes and industries. It will help you to create a plan that will allow you to identify and develop new leaders who can replace leaders when they retire or leave the organization.
1. Define clear examples of your focus areas
A focus area is a broad area of work, such as identifying and developing leaders, creating leadership vacancies, and monitoring the succession plan. Each focus area should be broken down into objectives, which are specific, measurable goals. These objectives should be broken down further into measurable targets, or KPIs, and related projects (actions) to achieve the KPIs.
2. Think about the objectives that could fall under that focus area
Objectives should be specific, measurable goals. Examples of some objectives for the focus area of Identify and Develop Leaders could be: Identify Potential Leaders, and Develop Leadership Skills.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are measurable targets used to track progress towards an objective. For example, for the objective of 'identify potential leaders', the KPI could be 'number of team members evaluated'. This KPI should have an initial value, target value, and unit of measurement.
4. Implement related projects to achieve the KPIs
Projects, or actions, are the steps that need to be taken in order to achieve the KPIs. For the KPI 'number of team members evaluated', the project could be to 'assess current team for potential leaders'.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is an innovative software solution designed to help organizations easily implement their leadership succession plans. Cascade's intuitive user interface and powerful analytics make it easy to track progress and make adjustments to the plan as needed.