Will your company be ready to potentially lose a large amount of employees all at the same time?

Many companies operate without a succession plan. Truth be told, an official or at least unofficial succession plan should always be in place regardless of turnover anticipation. While today’s job market is slim and many employers do not feel their employees will resign too readily, the truth is, employees are still looking for better opportunities, and the irony is many employees are seeking elsewhere for more money in these economically trying times.

Don’t be caught off guard. As any good human resources or hiring manager knows, impetuous decisions can yield poor results and create difficulties that are hard to mend.

The First Step

The first step is being proactive and not reactive. Waiting for a person to step down or be dismissed is not ever a good option. Many businesses are clear about their goals in the business plan. But who will accomplish these goals is oftentimes not made clear.

Identify Other Key Players

Of course succession planning should occur for key positions and not all positions that might be easier to fill. Examine the top players; consider their experience and age, and their performance. Think about the special skills that got them to where they are now. What is their value added? If one or all of them should leave the company tomorrow, what would the company do? How critical would the loss be? Think about current upper and middle managers who could fit the bill if the time comes, and how to get them prepared to replace outgoing executives, just in case.

Consider these questions: What will it take to grow the company, make it more profitable, and change things that are necessary?

Put a Succession Plan in Place

A succession plan differs from a replacement plan in that it focuses more on the skills rather than the tasks. Temporary replacements can perform the tasks while more is required from a higher-level executive in terms of special skills. For top-level executive positions, outline the plan for replacement as follows: Time frame, how many have been selected as successors, and who they are. What is the policy and who needs to be notified (board, clients, etc.) in case of replacement? What are the positions responsible for? What are the priorities of the top positions?

Consider future needs versus the present. Things may change, and when seeking a successor, the qualifications may be different. Perhaps the company is planning on expanding or joining its forces and merging with another company and the high-level executive must have a different skill set to lead that change.

Temporary Replacements

Injuries, illnesses, and emergencies occur. Plan for the worst while hoping for the best. Putting a temporary succession plan in place also is important for your company.