The fifth and final step in succession planning is regularly reviewing and updating the plan to ensure it remains relevant and practical. This may involve reassessing the current talent within your organization and making adjustments to the plan as needed.
Here are some considerations for monitoring and reviewing a succession plan:
Regular review: It is essential to regularly review and assess the progress of identified individuals and the effectiveness of the succession plan. This may involve setting specific review intervals, such as annually or every two years.
Assess current talent: Reassessing your organization's existing talent can help identify new individuals who may have the potential to step into leadership roles. This may involve conducting a skills assessment or reviewing the performance of current employees.
Make adjustments: If necessary, make adjustments to the succession plan based on the results of the review and assessment process. This may involve providing additional support or development opportunities for identified individuals or making changes to the plan to better align with the organization’s needs.
Communicate changes: If changes are made to the succession plan, it is essential to communicate these to the identified individuals and relevant stakeholders. This will help to ensure that everyone is aware of the updated plan and their role in its implementation.
Monitoring and reviewing a succession plan is an ongoing process essential for its success. By regularly reviewing and updating the plan, you can ensure that it remains relevant and practical and that your organization has a strong pipeline of talent ready to take on leadership roles as they become available.