Here’s how forward-thinking companies approach succession planning that’s both strategic and seamless:
Step 1: Assess Internal Readiness and Gaps
The foundation of any successful succession plan is understanding your current leadership bench strength. This means identifying not only who could step up into key roles but also where the gaps are. We work closely with companies to conduct a realistic internal assessment, looking at performance, potential, and readiness, to build a clear picture of what’s working and where reinforcements are needed.
Step 2: External Talent Mapping and Benchmarking
Succession planning isn’t complete without understanding how your internal talent compares to external options. This is where external market mapping and benchmarking come in. By proactively identifying and engaging with top external talent, companies gain a realistic view of leadership availability, market compensation norms, and emerging skill sets.
I often tell clients that external talent mapping isn’t about replacing people, it’s about creating optionality. Whether planning for a future transition or conducting a confidential exploration of potential executive replacements, having a pulse on the external market puts companies in control, rather than at the mercy of circumstance.
Step 3: Build a Talent Pipeline, Not Just a Shortlist
Succession planning is a long game. The most successful companies build ongoing relationships with external leaders, not just when there’s an immediate vacancy. Through strategic talent intelligence, we help organisations nurture these relationships over time, ensuring that when the need arises, they already have a warm bench of pre-vetted, culturally aligned leaders.
Step 4: Align Succession Planning with Business Strategy
A succession plan that isn’t linked to business strategy is just a box-ticking exercise. We help companies take a forward-looking view, considering not just who could fill a role today, but who has the vision, skills, and agility to drive the company forward in three, five, or ten years.
Step 5: Continuous Review and Adaptation
Markets shift, businesses evolve, and so do people. A static succession plan quickly becomes outdated. That’s why the final and perhaps most important step, is to make succession planning a continuous, dynamic process. Regularly revisiting internal assessments and external market maps keeps companies ready for whatever the future holds. As part of our Emu Intelligence offering, we provide a regular bi-annual or annual refresh where required.
Final Thoughts: Succession Planning as a Competitive Advantage
Companies that excel at succession planning don’t just react to change, they anticipate it. By embedding external talent mapping and intelligence into the process, organisations gain clarity, confidence, and control over their leadership futures.
If you’re thinking about strengthening your leadership pipeline, whether for succession planning, external benchmarking, or confidential executive exploration, let’s have a conversation. The right leaders aren’t just out there; they’re within reach.
For more information, reach out to our Director of Talent Intelligence, Lindsay Steinour: lindsay@emusearch.com.au