Succession Planning
Enterprises that fail to properly plan for a change in leadership can risk serious problems if a member of the executive team departs. This may set off a period of disorganization, during which teams at all levels lack leadership or direction. Worse, it can cause employees to become nervous or fearful about the direction of the company and its current state. All of this creates an environment that isn’t conducive to productivity and success.
If your organization doesn’t have a clear, well-planned succession strategy, you risk setting your company up for chaotic and stressful period of transition that could have a major negative impact on your business. It may also cause your company to lose the momentum and competitive standing your leadership and employees has worked so hard to achieve. This may be just the opportunity your competitors are waiting for - giving them the perfect chance to take advantage of your company’s disorganized state.
DEVELOPING EMERGING LEADERS FOR FUTURE SUCCESS
Succession is more than good governance; it’s sound business sense. A robust and sustainable C-Suite and hi-potential succession plan ensures the right person for the right role at the right time. Typically these are pivotal positions – roles with the most organizational impact. Most organizations talk about the right person, right role, right time and yet have no true sustainable process in place.
With the supply of talent getting smaller and roles getting bigger it’s crucial that current succession practices identify and develop emerging and high potential leaders. These leaders have the potential to advance into higher level roles and take on challenging assignments. They are absolutely critical to the success of an organization.
- Increase bench strength for pivotal roles
- Shorten the “development cycle” and time to “role readiness”
- Improve engagement and talent pipeline
- Reduced risk of derailment (25% of hi-po’s derail or leave with no observable opportunities)
- More successful transition, ensure the right talent is available and “ready” at the right time for the right role when vacancies occur
- High performance from a steady talent pipeline
- Enable your organization to be nimble and react quickly to change (Infographic Grid)
Succession planning must be a strategic ongoing process that includes short and long term goals. Leadership development is an important component. Succession Planning will:
- IDENTIFY target roles and positions – typically those that are most impactful to the organization.
- DEFINE requirements, priorities and desired competencies of the target roles and how those roles support the strategy of the organization.
- FORECAST risk and turnover in target positions to understand talent needs and time to readiness.
- ASSESS talent including current leadership behavior, performance, potential, challenges, interpersonal skills, values, ambition, career aspirations, ability and fit.
- DEVELOP a tailored plan designed to close gaps and develop leader readiness. Include high-value experiences such as coaching, mentoring, formal and informal learning strategies and stretch assignments.
- MODIFY the development process as hi-po’s are promoted, anticipate possible derailers and ensure acclimation to accelerated workload and work/life balance.
- EVALUATE the organizational impact of the succession strategy. Define, track and report on individual and organizational metrics.