External Succession Planning is the strategic process of identifying and preparing external candidates to fill key leadership positions within an organization. Unlike internal succession planning, which focuses on grooming existing employees for future leadership roles, external succession planning involves looking outside the organization to ensure that there is a pool of qualified candidates ready to step into critical roles when needed.
External succession planning ensures that an organization is not solely reliant on internal talent and is prepared for unexpected vacancies or the need for specialized skills that may not be available internally. This approach helps maintain business continuity and supports the long-term strategic goals of the organization.
Medora provides the following:
- Identifying Key Positions: Determining which roles are critical to the organization’s success and require succession planning.
- Defining Requirements: Establishing the skills, experience, and qualifications necessary for these key positions.
- Market Mapping: Conducting thorough market mapping to understand the talent landscape, identify potential candidates, and evaluate their fit for future leadership roles.
- Talent Scouting: Proactively searching for and engaging with high-potential candidates who meet the defined requirements and could be considered for future openings.
- Building Relationships: Establishing and maintaining relationships with identified candidates to keep them engaged and interested in the organization.
- Assessing Fit: Evaluating potential candidates through interviews, assessments, and other methods to ensure they align with the organization’s culture and strategic goals.
- Developing Pipelines: Creating a talent pipeline of external candidates who can be quickly brought in to fill critical roles when vacancies arise.
- Strategic Hiring: Occasionally hiring identified candidates into less critical roles initially, allowing them to acclimate to the organization and be groomed for future leadership positions.