Seven Successful Succession Strategies
I have a friend who is going to retire in the next 3 years, and she does not know how to start the succession planning process.
This is a common situation. As entrepreneurs, we are so focused on making the business successful that we are like a dog who chases cars and then catches the car. What happens next?
Your business is now successful and you want to move on to the next chapter of your life. Now what?
- Are you going to sell the business?
- Stay on as a consultant?
- Pass it down to your children?
1. Prioritize the Process
If you want succession planning to work in your organization, it needs to be a priority. The CEO and C-suite must take this on as their responsibility to ensure building an effective succession plan strategy is both focused on and executed.
2. Define the Ideal Characteristics and Skills for Important Positions
Developing future leaders takes time and focus, from finding the right leaders to defining what makes a leader successful. It starts by identifying what the future needs to be successful.
3. Communicate More Than What You Think is Needed
Everyone needs to understand the organization’s focus on succession planning, how they can participate, and who the organization is looking at for future leadership. Every team member needs to know how they can advance, what is expected of them, and how to be successful.
4. Involve the Team
With teams spread out all over the world, working in different shifts and in different time zones, getting everyone involved is more difficult, but it is necessary. Ensure that your succession planning strategy is not limited to people in top positions. Employees need transparency. Ask current employees for their perspectives as you look for innovative approaches in identifying both internal and external candidates, define the qualities you need for your future leaders, and create ways for employees to develop their own skills.
5. Use Projects to Develop Your Team’s Human Capital
Developing the right leadership bench means creating projects and opportunities to build both leadership and functional skills. Get more people involved with projects to help them discover and cultivate their strengths, learn from other employees, work with other team members, and understand their leadership better.
6. Find and Matriculate the Right People
How do you find the right people? You look in the right places.
Make sure the HR team is involved with your vision and make sure they are looking where candidates may be.
Don’t be complacent with job searches.
Don’t settle for advertising in the same online places and on the same websites.
Don’t be reactive in the war for talent, or you will lose.
Get the team’s ideas on creative recruiting, and be different.
7. Be Agile
Every successful business, and every business succession plan needs to be flexible. This workplace is constantly shifting, and your succession plan strategy needs to shift with it. Take the time to review, adjust your plan, and take the actions you need to make it more effective.
Did you know? Mary has a year-long succession planning program where she guides businesses and organizations through the stages to plan for changes in leadership. Email Mary to discuss how she can help! mary@productiveleaders.com
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