Category Archives: Succession Planning

What will you do the next time someone in your company gets sick or jumps ship? Are you prepared? A good succession plan can motivate present and future superstars as well as helping you avoid the financial impact of losing good people. A clearly defined succession plan helps prepare and develop effective leaders for advancement or promotion.

Succession Planning System

More than just preparing for attrition, a well-run succession planning system gives you a deep bench of leadership material. Use this three steps system to assess and train your leadership bench.

Assess Leadership Needs.

The first step to your system needs to be evaluating current jobs. What are the qualities associated with these jobs? What would the perfect candidate look like?

Make a list of leadership skills. They might include, communication, decision making, strategizing, team building, and on to the specific technical skills and knowledge demanded by the job.

Prioritize these skills and choose about 5 core competencies. Then evaluate the jobs themselves to see which are most mission critical. These are the jobs it’s most important to have a succession plan in place for.

Review potential leaders.

Take a careful look at your mid-range management. Evaluate their talents and skills. Which skills do they currently … Continue reading Succession Planning System

Succession Planning Organization

Succession planning is a hot topic of conversation in today’s offices and boardrooms. But talk is cheap and talking about it vs. doing it are two entirely different things. Whether you are a Fortune 500 executive or the head of a family-owned business, a good succession plan can make or break your company’s future success. So how do you design a succession planning organization strategy?

Visualize it Build it Monitor it

Take Samantha, for example. She had to step into the CEO spot at her family-owned company when her father became ill. The first thing she realized was that nobody in the company was prepared for this emergency, including herself. The second thing she realized was that they weren’t prepared for any similar contingencies throughout the entire company. Without succession planning, their entire organization might go down in flames at the next emergency. Samantha went to work immediately to … Continue reading Succession Planning Organization

Planning Succession Tool

Sooner or later it will happen. One or more of your key people, probably the one you consider most indispensable, will drop the bombshell: she’s leaving. And you won’t have a clue what to do next. It’s one of the few business challenges that every company will face eventually. Unfortunately, it’s also a task that is usually neglected until an emergency arises, leading to business interruption, political maneuvering, and a host of related problems. Thus planning for succession is a tool every business should have.

Succession planning can be a touchy subject, often involving emotions, office politics, and a reluctance to face reality. While this scenario exists in almost every business, it’s even more prevalent in family-owned companies. Research shows that over 70 percent of family businesses fail to successfully transfer to the next generation. None of us wants to admit our own mortality, so we avoid … Continue reading Planning Succession Tool

Succession Planning Assessment

The daily demands of tight deadlines sometimes reduce our focus to the here and now. But good leadership requires long-range planning to insure important preparations are put in place before they are needed.

One way to insure your succession plan is functional and in place is to hold an organization wide assessment. Here are seven reasons why you want to assess your succession plan immediately.

Attrition happens. Good companies prepare for it. Key employees leave companies. Your succession plan can evaluate who is at risk for departure. Are they due to retire? Do they have high demand skills in an underpaying job? Your assessment can reveal if you have properly prepared and trained leadership waiting in the wings to move up. Reduce company costs of hiring and training. Examine your company’s history of job transitions. How are your year-to-year costs of training and hiring expenses? Are they trending … Continue reading Succession Planning Assessment