Do you have a written succession plan in place?
A succession plan is a way to ensure that your construction company continues to run smoothly and effectively even when key leaders or employees leave.
For example, let’s say the project manager suddenly leaves the company. Without a succession plan, there could be significant delays and disruptions to the project they were responsible for.
Here are six steps you can follow to create a succession plan:
1. Identify key roles:
Start by identifying the key roles within your organization that are critical to its success.
These are the positions that, if left vacant, could significantly impact the organization’s ability to function.
2. Assess current talent:
Next, assess the existing talent within your organization to determine who has the potential to fill these critical roles.
Consider factors such as skills, experience, leadership ability, and growth potential.
3. Develop a pipeline of candidates:
Once you have identified potential successors, create a pipeline by identifying developmental opportunities for them, such as training, mentorship, or job rotations, to help them gain the skills and experience they need to be successful in their new roles.
4. Create a plan:
Use your gathered information to create a detailed succession plan.
Outline how each key role will be filled in the event of a vacancy.
Include a timeline for identifying and developing candidates and specific steps for transitioning them into their new roles.
5. Communicate the plan:
All relevant stakeholders should be aware of and supportive of the plan.
Include employees, leadership, and board members in the communication plan.
6. Review and update the plan regularly:
Finally, review and update the succession plan regularly to ensure it stays relevant by reassessing current talent, adding new developmental opportunities, or making changes based on the organization’s needs.
TLDR:
How to Create a Succession Plan
1. Identify key roles
2. Assess current talent
3. Develop a pipeline of candidates
4. Create a plan
5. Communicate the plan
6. Review and update the plan regularly
If you are starting the process of succession planning or need to refresh your current one, I have a FREE succession planning framework that I can send you.
Shoot me an email eric@constructiongenius.com with Succession Planning in the subject line and I’ll send it to you.
