It's no secret, the number of retirement-aged Canadians on the rise. Statistic Canada estimates that within the next 10 years, one in five employees will be between the ages of 55 - 64. Is your organization prepared? If the managers and/or most experienced employees in your organization left tomorrow, would the business and your employees still be able to function as effectively as they do today? For many, the answer to these questions is unknown or worse "no".

Succession planning refers to the pro-active process of identifying and developing qualified employees for career advancement so that they are prepared to replace key positions as individuals leave the organization. The process of succession planning may vary based on the organization, however typically involves the following steps:

1. Identify key positions within the organization

    
2. Identify knowledge, skills and abilities (KSA) required for each position

    
3. Identify interested employees and their current capabilities against KSA’s of desired position(s)

    
4. Develop and implement a succession plan including individual employee development plans

    
5. Follow up and evaluate individual and organizational progress

If your company already has a succession planning program in place be sure to revisit it at least twice a year if not more frequently, depending on the size of your organization and employee base, to ensure that it reflects changes and progress.

Developing and implementing an effective succession planning program can seem like a daunting task, however in addition to being able to maintain business continuity, organizations that do so will realize many benefits including the retention of corporate memory, improved organizational efficiencies, and increased employee engagement and retention.