Do You Have a Plan In Place?
SUCCESSION PLANNING is a lot like writing a will. Even when you want to prepare for the future, you tend to put it off until you get a good scare.
In the early morning hours of September 11, the world watched in horror as commercial jetliners crashed into the World Trade Center twin towers and the Pentagon. The loss of life and the destruction of property were beyond belief.
In the midst of this national challenge, several organizations had to face the sobering fact that they had lost key executives who were on the planes or in the buildings. They had to confront the reality that key talent and brainpower were gone forever. Immediately they also had to identify people and skills needed just to stay afloat.
Four Strategies for Effective Leadership Succession
There’s no way to plan for a disaster of the magnitude of the World Trade Center attacks. But there are specific things that an organization can do to prepare for key transition events such as the loss, resignation or retirement of key personnel, especially the CEO.
- Create a sense of responsibility.
Although human resources can serve as a catalyst for effective succession planning, most successful organizations rely on senior level management or boards of directors to review and oversee this process on a regular basis. Succession planning is not something that can be delegated solely to a search firm or done in a one hour meeting. - Identify key leadership criteria.
It’s essential that an organization know what competencies it needs to succeed today and tomorrow. Therefore, identify appropriate selection criteria – the critical leadership skills, values, behavior and attitudes required for key positions. Realize different kinds of leaders are needed at different times in the life of an organization. - Identify and develop future leaders.
An organization needs to have a system in place for finding star employees and emerging leaders and ensure they’re ready for key positions. This can involve any of several approaches, including assessments, performance reviews and developmental assignments that properly prepare them for their new positions, as compared to a sink-or-swim approach. - Keep it simple, realistic and part of your agenda.
There are a few tools you will need such as a list of competencies, a performance appraisal system and insight into the marketplace when you start the search process. If you are a small to medium size organization, you do not need expensive technology or systems. What you do need to do is to make sure succession planning becomes as important as other key management processes.
Smart Moves Tip
Can an organization survive with a “we’ll cross that bridge when we come to it” approach to leadership succession? Perhaps…but there are potential problems. When a leader or key player leaves, attention by staff shifts away from what needs to be done to wondering what’s next. Then you will see momentum stopping, productivity slipping, unhealthy competition rising, customers wondering and key stakeholders getting nervous. That’s why succession planning can’t be left to the next board meeting or when we’re done with this initiative or whatever excuse you give. There is never a “best” time to start to plan. There are only times when you wish you had planned better!
