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Succession Planning Template
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Succession Planning Template (Free and Customizable)

Create a plan and a winning team to secure the future of your business.

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Plan For The Future With Talent You Have

Every great business plans for the future. From budgeting and prospecting to identifying new services – some just do more than others. And while it might be difficult to envision the future when you are just making it through the day, succession planning has a host of benefits for now and later.

For example, the talent war is far from over. Benefits, bonuses and creative perks can help, but you still need creative ways to retain your most valuable employees. Have you considered including them in your organization’s future through succession planning? 69% of workers prefer to have career growth and development opportunities in a job (Gallup). Furthermore, 94% of employers who executed succession plans agreed that the process positively affected employee engagement scores. Effective succession planning not only boosts engagement and retention, but it also helps your organization retain knowledge in-house, avoid productivity loss from vacancies and identify skill gaps.

What is succession planning?

Succession planning is the act of identifying positions that are required to meet the short and long-term goals of an organization. Once those positions and necessary skills are identified, leaders can prepare individuals for those positions through development, training and action plans.

Related Article: What is the Role of HR in Succession Planning?

How can my organization make an effective succession plan? / What is involved in the succession planning process?

Succession planning is about more than filling key roles. It involves a five-step process:

  1. Understand future business challenges and needs
    Will your organization be offering new products and services in the next few years? Expanding into new markets or industries? Creating a clear vision for the future will help you identify what future leaders will need.
  2. Determine which skills are required for leadership roles
    Based on the assessment of where you are and where you’re going, do you need leaders with managerial experience or professionals with specific expertise? This list of skills will impact the assignments you give to potential leadership candidates.
  3. Evaluate current talent pool for potential
    Align with other leaders on the pool of candidates who should be considered for future positions. To help, we’ve provided a Succession Planning Template to help you identify those candidates.
  4. Develop a plan to help internal candidates develop skills
    Once you know what potential leadership candidates will need for the future of the organization, your leadership team can begin to provide projects, roles and responsibilities that help those candidates build those skills.
  5. Evaluate progress along the way
    Be sure to keep track of how candidates are developing. This can be done in 1-on-1 meetings, quarterly performance reviews or within a talent development platform.

We’ve provided a customizable Succession Plan Template to help you begin.

It’s very important that potential leadership candidates know they are part of a succession plan as they will need to be willing to participate in the development process. It will require training, coaching, mentorship and assignments outside of the regular job description. Additionally, when employees know their skills are valued, it can help prevent them from leaving.

If you are looking for a simpler way to plan for your organization’s future, Paycor’s Career Management software removes the complexity from the succession planning process by providing a space to capture data about potential internal leadership candidates. This product allows HR leaders to focus on executing big-picture strategies that drive employee engagement and improve business outcomes. Career Management encourages companies to better facilitate internal movement and identify talent risks. With Career Management, employees receive feedback that’s specific to their development plan and future roles while leaders get help to future-proof their workforce.

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