The workforce is changing at an unprecedented pace. Retirements are accelerating, job mobility is high, and the competition for top talent is fierce. Organizations that want to thrive must take a proactive approach to talent development and succession planning.

Yet, many businesses neglect this critical aspect of strategic planning—until it’s too late. A well-structured succession plan ensures you have the right people, with the right skills, in the right roles when you need them. More than just filling vacancies, it builds capacity, retains institutional knowledge, and develops future-ready leaders.

Why Succession Planning Matters Now More Than Ever

A combination of factors is creating an urgent need for organizations to rethink their people strategy:

• Talent Mobility – Employees have more access to opportunities than ever, and fewer young professionals see long-term tenure with one company as the norm.
• A Management-Ready Talent Shortage – Many organizations are struggling to develop and retain leadership-ready talent.
• Demographic Shifts – 10,000 baby boomers reach age 65 every day, with many accelerating their retirements.
• The COVID-19 Wake-Up Call – The pandemic forced organizations to confront workforce vulnerabilities they could no longer ignore.

The reality is clear: Market share is won and lost during transitions—and so are employees. That’s why the time to invest in people strategy is now.

How to Build a Succession & Talent Plan That Works

Succession planning isn’t just about replacing key players when they leave. It’s about creating a pipeline of talent, identifying future needs, and developing employees with intention. Here’s how to get started:

1. Align Your People Strategy with Your Business Strategy

What are your organizational goals? Are you growing? Entering new markets? Automating processes? Your succession planning/workforce strategy should support these objectives by ensuring you have the skills, leadership, and capacity to execute them.

2. Identify Critical Positions & Risks

Not all positions are created equal. Some roles have a disproportionate impact on organizational success. When assessing your workforce, ask:

• Which positions require rare or hard-to-replace skills?
• Which roles hold significant influence?
• Where would turnover or retirement create major disruption?

Highlight these positions in your org chart and assess the risks associated with each.

3. Evaluate Your Talent Pool

Who is ready—or could be ready—with development? Be intentional in identifying high potentials, emerging leaders, and future executives. But be careful—71% of high performers are not high-potential leaders. It takes more than strong individual performance to lead teams and drive business results.

Consider leadership readiness across three levels:

• Individual Contributors – Deliver results and collaborate effectively.
• Managers – Lead through people and align team efforts with company goals.
• Executives – Make strategic decisions, drive innovation, and shape the future of the organization.

4. Create Developmental Opportunities

People don’t grow into great leaders through training alone—they need real-world experiences. Invest in:

• Stretch assignments and cross-functional projects
• Leadership coaching and 360-degree feedback
• Change management and crisis leadership experiences
• Task forces, committees, and special projects
• Reverse mentoring and shadow boards to engage the next generation

As Marcus Buckingham said, “Talent is the multiplier. The more energy and attention you invest in it, the greater the yield.”

5. Take Action—And Keep It Simple

The best succession plans don’t sit on a shelf. They are actively used and continuously refined. To start today:

• Grab an org chart and highlight critical positions.
• Identify top risks and talent gaps.
• Gather input from managers and leaders.
• Implement development plans, experiences and exposure for your future leaders with measurable outcomes.

6. Re-Recruit Your Best Talent

It’s not just about hiring new talent—it’s about keeping the great people you already have. Ask yourself: Why would someone want to work for you? Why would they stay? The answer often comes down to culture and leadership.

Engage and develop employees before they start looking elsewhere. Stay interviews, career coaching, and leadership development discussions can be powerful tools to re-recruit your best people.

The Future of Talent Development: What’s Next?

The best organizations are already looking beyond traditional succession planning. Future-ready companies are:

• Seeking strategic hires beyond their four walls
• Prioritizing knowledge transfer before retirements happen
• Treating employees as partners in the business
• Investing in experiential leadership development
• Using career, development/stay interviews/momentum conversation, to retain top talent
• Offering on-demand or First 90-day coaching and onboarding for new leaders

Everything in business can be copied—except talent. Companies that invest in their people now will have a competitive advantage for years to come.

Take Action: Choose Your Own Succession Planning Adventure

Succession planning doesn’t have to be complex, but it does have to be intentional. Start small, stay consistent, and keep your focus on building better leaders, better teams, and better organizations.

Need help future-proofing your workforce? Let’s talk.

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Success Labs is a leadership development and management consulting firm in Baton Rouge, Louisiana. For 40 years, our expert team of consultants has worked with hundreds of companies to grow leaders, build teams, and drive results through great people strategy. Contact us to get proactive about expanding your company’s potential and stay up-to-date with our latest news and leadership development updates here.

By: Devin Lemoine