Helping Leaders Plan For Succession

Helping Leaders Plan For Succession Henry Comte Velasquez

Succession planning is one of those contingency measures that every business should endeavor to invest in. Succession planning allows business leaders to prepare for a smooth transition, especially at the senior administration level. Companies which invest in succession planning on time, stand a better chance of experiencing smooth transitions and thus stability. How should you, as a business leader, prepare your company for succession?

Create A Strategy Every effective succession planning process should start with a proper plan. The succession strategy should comprise an evaluation of various crucial parameters, including the kind of positions and roles within your business for which succession planning is necessary. In this regard, top administrative posts, including chief executive officers and departmental leaders, should be considered. The high-ranking positions are vital in the organization’s sustainable and smooth operations as compared to the law-ranking posts.

The second important part of the strategy should comprise a description of the suitable amount of time for which the business should invest in succession planning in each given position. The idea here is to have the shortest reasonable time possible to find a suitable replacement for a smooth transition.

Defining The Culture A successful succession planning process should fall within the business’s core objectives, values, and goals. Setting the standards by which the succession planning process would be conducted creates a culture of sustainability and smooth transition across all generations of the company. For example, defining the necessity of transparency during the entire process helps win the trust of all stakeholders of the company.

Talent Acquisition This is perhaps the most important part of the entire process of succession planning. When looking for a suitable replacement for a position, it is important to start by sourcing talent from within the company. Existing employees who show great potential in perfectly filling the vacant position should be given priority. If outsourcing is necessary, then the entire process should be conducted in a fair and professional manner.

Post-Succession Mentorship To ensure a successful succession process, it is important to invest in a proper mentorship program or framework. The role of the mentorship process is to ensure that the new replacement has an opportunity to get properly oriented in the new job position.

The previous leader should take time and pass along vital tips on how to ensure the progressive and seamless integration of the new employee into the position.

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