How to Measure the Progress of Your Succession Plan with the Talent Progress Scorecard
An important but often overlooked step of Succession Planning is to measure the success of your succession plan. The Talent Progress Scorecard allows you to review the outcomes of your succession plan across several important indicators. The scorecard will help you to demonstrate the value of your succession plan on an ongoing basis. It will make it easier to justify your budget, ask for budget increases, or get buy-in from executives in other areas.
To make the most of the Talent Progress Scorecard it is important to consider both what to measure and when.
1. Identify Relevant Indicators of Success
Measuring indicators of success that are specific to your organization will help to make the Talent Progress Scorecard as relevant as possible. Look for ways to add objective, impressive numbers, such as money saved or time delays prevented. In the Talent Scorecard template, you will see some basic indicators that we recommend such as:
- Percentage of critical positions filled internally
- Average time high potentials spend in the same role
- Average years until succession candidate is ready to move into the new position.
These can be a great starting place, but don’t feel constrained by our recommendations. Customize the Talent Progress Scorecard to measure what is most important to your organization.
2. Review Indicators of Success Regularly
At a minimum, your Talent Progress Scorecard should be updated every 6 months. Tracking progress and regularly sharing the results with key stakeholders demonstrates the value of your succession plan and keeps its importance top of mind.
Measuring and communicating the progress of your succession plan early and often will ensure you get the resources and executive commitment you need for a successful planning initiative. Even if you only track one metric, get in the habit of recording it and attaching a dollar value if possible. Create your Talent Progress Scorecard early, and in time you will be able to show year-over-year progress.
Create Your Succession Plan with SIGMA
We hope you have found these templates helpful in getting started with creating your own succession plan. If you’d like some help, our Launch Series is designed to introduce your senior management team to succession planning, and in just two half-day workshops, deliver a personalized Implementation Plan for your organization. We also offer long-term consulting and project management for your personal Implementation Plan. Discover our Succession Planning Solutions and ask us how we can help your organization develop your next generation of talent.
Download SIGMA’s SUCCESSION TEMPLATE GUIDE for Succession Planning Templates for each stage of your Succession Planning Process
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SIGMA’s Succession Planning Launch Series offers a simple and cost-effective way to build a robust Succession Planning process and ensure your organization’s leadership is positioned for success and prepared for the unknown.
Contact us to learn how we deliver a full year Succession Implementation Plan for each member of your leadership team in just two half-day workshops.