What measurements can be used to ensure that the succession planning is working the way it shkuld5
1. Employee retention rates: Track how many key employees are staying with the organization over time. A successful succession plan should result in a higher retention rate of key talent.
2. Promotion rates: Measure how many candidates from the succession plan are being promoted into new roles within the organization. A successful succession plan should result in a higher percentage of internal promotions.
3. Performance evaluations: Regularly assess the performance of employees who have gone through the succession planning process. A successful plan should result in employees who are adequately prepared and performing well in their new roles.
4. Succession readiness assessments: Evaluate the readiness of potential successors for key roles through assessments or simulations. A successful succession plan should have a pipeline of talent that is ready to step into leadership roles.
5. Time to fill key positions: Measure the time it takes to fill critical roles in the organization with internal candidates identified in the succession plan. A successful plan should result in a faster time to fill these positions.