Business Succession Planning

How to develop a succession plan, How to plan succession for family business, Diversity succession plan etc.

What you'll learn

How to develop a succession plan

How to create a succession plan that support diversity

How to plan succession for a family business

The relationship between global crisis and succession planning

Overcoming challenges in succession planning

Business exit planning

Requirements

Desire to understand succession planning

No special requirement

Description

   Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant. Effective succession or talent - pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business. The practice of business succession planning is conducted either by organizations themselves, or with the support of specialist management consulting firms.    Succession planning helps organizations meet diversity and inclusion goals. Because succession planning allows organizations to strategically develop people to prepare them to take on more responsibility and higher positions, it removes barriers to internal advancement that may exist because of implicit bias. By making an effort to plan for the promotion of candidates from diverse backgrounds, you can ensure that you maintain equity throughout all levels of your organization. Perform competency evaluations that measure current team members leadership, technical skills, and readiness to step into new roles.

Overview

Section 1: Introduction

Lecture 1 Introduction

Lecture 2 What is succession planning

Lecture 3 Overcoming challenges in succession planning

Lecture 4 Succession planning process

Lecture 5 The relationship between global crisis and succession planning

Lecture 6 Why succession plans are key for business today

Section 2: How To Develop A Succession Plan

Lecture 7 Define objective of your succession plan

Lecture 8 Assess your current leadership situation

Lecture 9 Identify the potential successors

Lecture 10 Formulate a development plan for your successors

Lecture 11 Communicate your succession plan to stakeholders

Lecture 12 Align with top management

Lecture 13 Regularly review and update your succession plan

Lecture 14 Execute your succession plan

Section 3: How To Create A Succession Plan That Support Diversity

Lecture 15 Implement merit- based hiring and promotion

Lecture 16 Use validated assessment and standardized worksheet

Lecture 17 Benefits or using succession planning to increase diversity

Section 4: How To Plan Succession For A Family Business

Lecture 18 Identify your goals

Lecture 19 Designing your succession plan

Lecture 20 Implementing your succession plan

Section 5: Conclusion

Lecture 21 Business exit planning

Founders, directors, HR practitioners, consultants, CEO, managers, lawyers, government, entrepreneur, everybody etc.