Identify what metrics will be tracked to gauge effectiveness
Identify what metrics will be tracked to gauge effectiveness
In the final step of this toolkit, Step 6, you will evaluate the effectiveness of the succession plan that Steps 1-5 are helping you create. A best practice when it comes to evaluating efforts is to identify your metrics in the beginning.
Now that your Succession Planning Committee has foundational knowledge of succession planning, and before they begin their efforts, they should first decide how they will know if their succession planning is successful.
Start by deciding what “successful succession planning” means for your organization.
Here are examples of metrics:
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Availability of successors at various levels prior to succession planning versus after succession planning started
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Number of employees identified as “high potential” for each prioritized role
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Percentage of critical positions filled internally
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Effectiveness of development activities that support effective succession planning
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Employee perception of succession plan on professional development/advancement
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Levels of employee satisfaction with various elements of the succession plan
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Turnover rates, the percentage of people leaving the organization, both voluntarily and involuntarily
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The amount of time a position in your organization is open
Once your committee has brainstormed a list of possible metrics, you can refer to the list throughout the success planning process to guide the work. In Step 6 you will narrow the list of metrics based on what works for your organization best once you have a tailored succession plan in place and go on with evaluation from there. Regardless of what metrics you choose, we recommend selecting and tracking no more than 3-5 metrics at a time. It is best practice to plant the seeds of metrics and evaluation from the beginning. Without clear, defined metrics, any path or action will lead to a result, though not necessarily a desired one.
Your committee is now ready to move on to the initial stages of succession planning, starting with taking an inventory of all positions.