Succession plans are a tool whose purpose is to facilitate the generational turnover within a company and to manage the termination of assignments, in particular of executive directors and top managers, reducing the negative impacts of any management gaps.
It is important that companies equip themselves with objective and functional processes in order to identify – in time – “substitutes” with professional skills consistent with their needs. This is fundamental to avoid making poor decisions pertaining to key roles based on hasty consultations, with the risk of selecting profiles inadequate for such strategic roles.
In summary, the dual objective of succession plans must be:
• to avoid management gaps in the short term;
• to facilitate generational turnover in the medium-long term.
Apraise supports clients in identifying the most suitable successors to oversee key roles, utilising a process that is capable of:
· identifying the roles to which the process applies;
· evaluating the parameters that define the risk level of each position;
· evaluating, for each position, the potential and readiness of internal replacements, considering: performance, specific skills, managerial skills, ability and willingness to self-develop;
· identifying and implementing response actions such as: Retention actions, development actions on high potential managers, market search, employer branding actions.