Succession Planning - Initiating the Process

Description: Join us as we unravel the key components of a successful succession plan, offering insights into:

• Identifying and developing internal talent
• Fostering a culture of continuous learning
• Mitigating potential risks

Learn how to navigate leadership transitions and ensure the long-term success of your organization through effective succession planning strategies.

Resources:

The Business Case for Succession Planning 

Succession Planning Program 

Succession Planning Guide 

Succession Planning Tracking Chart 

MRA Membership 

About MRA 

Let's Connect:

Guest Bio - Dana Vogelmeier 

Guest LinkedIn Profile - Dana Vogelmeier 

Host Bio - Sophie Boler 

Host LinkedIn Profile - Sophie Boler 

Transcript:

Transcripts are computer generated -- not 100% accurate word-for-word.

00:00:00:00 - 00:00:21:03 Unknown Hello everybody and welcome to 30 minute Thrive, your go to podcast for anything and everything HR, powered by MRA, the Management Association. looking to stay on top of the ever changing world of HR? MRA has got you covered. We'll be the first to tell you what's hot and what's not. I'm your host, Sophie Boler, and we are so glad you're here.

00:00:21:05 - 00:00:45:18 Unknown Now it's time to thrive. Well, hello everybody, and welcome to this episode of 30 Minute THRIVE. So today we're going to be talking about succession planning, and I found this stat a bit shocking. So every day in the US, 10,000 people turn 65. And to add to that stat, the average retirement age in the United States is 61, according to a 2022 Gallup survey.

00:00:45:20 - 00:01:07:17 Unknown So those are all pretty significant numbers in the world of work. So the impact is huge. Today, like I said, it only makes sense now that we're here to talk about succession planning. So succession planning is a business necessity, and it's as critical to strategic planning for business as a whole. But succession planning is not just about retirees.

00:01:07:17 - 00:01:36:22 Unknown And it's not just for CEOs in leadership. It's also a part of employee development. So it's a really great topic of discussion for us today. And I'm 30 minutes Right podcast. And a lot of you a lot of our listeners have actually requested this topic. So we will finally get into it and we're excited. And I'm here with Dana Vogelmeier, MRA senior instructional designer who's worked with our members to help develop and implement succession planning programs.

00:01:36:24 - 00:02:00:07 Unknown So, Dana, I'm super excited to have you on today and thanks for coming coming on the podcast as the expert and really covering how to create that successful succession planning. Thank you so being happy to be here. So, well, let's just start out by defining what business succession planning really is and why it's essential for business owners. Okay, sure.

00:02:00:09 - 00:02:22:21 Unknown So succession planning, as you mentioned earlier, it is it's critical and it is something that sometimes gets kind of pushed to the background because it feels like it's not important work. But if you think about the sustainability for an organization, it is really one of those critical things we should do. And succession planning is it's a process of talent identification.

00:02:22:23 - 00:02:52:02 Unknown So we dedicate time to looking at all of the people in our organization and who has what kinds of skills, what kind of potential or performance do they have, what do they need, and then get them what they need. We'll talk about that too. But it's really just first about identifying what that what the talent is in the organization, what it is not is a process to go through for determining who you're going to hire for a role.

00:02:52:02 - 00:03:20:12 Unknown That's that's different. This is about putting documentation together and determining what kind of talent and skills you have in the organization and then what people need and then getting them the development that they need. Absolute