Business Succession Planning: Developing and Maintaining a Succession Plan
Change is a hallmark of today's business world. People come and go, and move into new roles within organizations. Succession planning helps you make the most of that change by ensuring that when someone leaves, there is a qualified person ready to take their place. This course teaches you the fundamentals of creating, implementing, and maintaining an effective succession plan — from identifying critical roles and assessing risks to putting the plan into action and evaluating its results.
What you'll learn
- Demonstrate an understanding of the value of succession planning for successful businesses.
- Demonstrate expertise with the key elements of a succession plan.
- Create and discuss aspects of a succession plan.
- Discuss the elements of a succession plan in terms of roles, responsibility, function, scope, and evaluation.
Preview a lesson
Creating Individualized Engagement Plans (IEPs) Succession planning is both a creative and a scientific process. The roles of people involved will evolve as individuals develop and as new talent enters your organization. The core principle remains constant: **you need the right people in the right job at the right time.** What Is an IEP? An **Individualized Engagement Plan (IEP)** — sometimes called a development or training plan — goes beyond skills training. It addresses all aspects of what keeps your people committed and engaged. Every person identified anywhere in your succession plan, whether as a critical link or a potential successor, must have an IEP. IEPs are developed collaboratively between the employee and their leader. Critical elements include: **Developmental needs** specific to the target role A **career plan** with one-, three-, and five-year benchmarks A summary of **risk assessment** findings Any concerns around engagement, lifestyle, or growth opportunities The Succession Plan Profile Each critical employee should also have a **Succession Plan Profile**, which includes: 1. **Identification** — start date, time in the industry, and a 250-word biography written by the employee 2. **Areas of competency** — strengths relevant to leadership and organizational roles 3. **IEP** — developmental needs for their current and target role, including: - Associations, seminars, or workshops to attend - Courses or mentorship in key areas (HR,
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Curriculum
Module 1: The Case for Succession Planning
2 lessons- textWhat Is Succession Planning?
- quizModule 1 Quiz
Module 2: Defining the Succession Plan
2 lessons- textStrong Leaders and a Strong Organization
- quizModule 2 Quiz
Module 3: Identifying Resources and Analyzing Risks
2 lessons- textIdentifying Internal and External Resources
- quizModule 3 Quiz
Module 4: Roles, Responsibilities, and Individualized Engagement Plans
2 lessons- textCreating Individualized Engagement Plans (IEPs)Preview
- quizModule 4 Quiz
Module 5: Forecasting Needs and Building the Plan
3 lessons- textKey Ingredients of a Successful Succession Plan
- textUsing Appreciative Inquiry in Succession Planning
- quizModule 5 Quiz
Module 6: Implementing, Evaluating, and Sustaining the Plan
3 lessons- textPutting the Plan into Action
- textEvaluating and Sustaining the Succession Plan
- quizModule 6 Quiz