Developing a Succession Plan	By Richard Fenton

The Keys to Succession Planning

More from Richard Fenton • Addressing Performance Issues • Developing a Succession Plan

More from About • Management and Human Resources for Retailers • Business Leadership - About Management • Coaching and Mentoring - About Human Resources

Elsewhere on the Web • APT Retail • Retain and Develop Future Leaders - Best Practices • Why Have A Succession Plan? - Hagberg Consulting Group

Just as a manager plans and forecasts ahead for business next week, next month, and next quarter, so should they do the same when it comes to their people. This is often referred to as a succession plan. Creating this plan is an effective way for a manager to formulate a recruiting, hiring, and development strategy for promoting from within.

Here are the keys to designing a succession plan.

Key #1: Evaluate who is on the staff and the current needs.

• List all employees on the team and their positions
• List the current number of open positions (people needed) per position

Key #2: Review "promotables" on the current staff.

• List the names of who could be promoted (and to what position) within 6 months time

Key #3: Develop an action plan for each one of the "promotable" people.

• List the skills and tasks that must be trained before promotion possible
• Outline a basic plan for training on these critical tasks / skills that were identified
• List the individual's biggest challenge / opportunity
• List the individual's biggest asset / strength
• Rate the individual's desire to be promoted (1-10)

Succession Plan Tips:

• Redo your succession plan each quarter. This will allow you to reassess your hiring needs to and assess where the "promotables" are in their development.
• Do a succession plan even if you're fully staffed. You never know when someone will leave you, so you must have a plan. In addition, any store manager that consistently develops others (especially those who work up into management) may eventually find himself or herself on a succession plan for district manager! The ability to develop others is a key need in retail business and will make you a true asset to the Company.
• If you identify that you need an "assistant manager" but currently believe that no one on your team is promotable within 6 months, you should focus your efforts on recruiting and hiring someone who could fill that position sooner.
• Doing the 1-10 rating of desire to be promoted will help you assess who you should work with first if you have a few people to choose from.

If you can't rate the person because you don't know about their desire, then you need to have a casual conversation with them to help you determine their interest in growing within the company.

If you have someone who isn't interested in getting promoted, do not "force" the person. That's one benefit of a succession plan. It forces you to take a hard look at your team, who you have, and what to do as a result of your assessments.

About the Author

Richard Fenton is a professional speaker and trainer specializing in the retail industry and co-founder of APT Retail. He has presented to and worked closely with numerous retail organizations including JC Penney, Musicland Stores (Sam Goody/Suncoast), Linens 'N Things and more. Rich is co-author of Unlocking the Secrets of Retail Magic, a book written specifically with retailer managers in mind, as well as The Run with the Lions Sales Safari, a self-paced sales skill development program for retail sales associates, and author of over 50 articles on retail performance. For more information on his books or seminars, visit www.aptretail.com, email aptretail@aol.com or call (800) 290-5028.

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