A succession plan template is a strategic tool that helps organizations identify key positions, select qualified candidates, and train promising employees for future leadership roles. It is an integral part of ensuring a company’s longevity and security.
The template typically includes several crucial components:
- Positions: These roles need to be filled, usually revolving around roles critical to the company’s ability to function.
- Name: This is the person who currently fills the position.
- Required Actions: These are the steps that need to be taken to prepare for the transition. Most succession plans include two to three actions for each role.
- Readiness: This system measures how prepared a candidate is for the role.
The template can track multiple roles, retirement status, potential successors, required training, and other information.