SUCCESSION PLAN
WHY IT MATTERS
Organizations cannot survive without a strong pipeline of future leaders who are ready to step up and assume new roles when called upon. Without any advance notice, an organization can find itself with a critical leadership vacancy that needs to be filled. Leaders who successfully succession plan, by identifying future leaders from either inside or outside their organization, place the organization on strong footings for the future. They know that no matter what surprises or changes come, they will have the leaders they need, when they need them, and where they need them. Leaders who don’t succession plan risk being left without a qualified leader when they need them most and suffering the imminent fallout.
WHAT IT LOOKS LIKE
Leaders who succession plan know the importance of ensuring there are individuals ready to assume key leadership roles in the organization at a moment’s notice. They prepare the organization to safely cross the bridge of leadership transition. They prepare for the unexpected and are ready to respond when any leader exits the organization at any time. Their goal is to have at least one individual ready to assume each key leadership role in the organization.
Leaders that excel at succession planning implement a standardized succession planning process across all levels of the organization. They understand the importance of standardization as it applies to something as objective as people and their leadership potential. They define best-practice methods for identifying future leaders. They provide definitions of leadership knowledge, skills, and capabilities leaders can use to systematically judge and calibrate talent. They provide rating scales and ranking systems for use when comparing different people.
Leaders that excel at succession planning know the data required to succession plan will only be as good as the system it comes from. They install within the organization a meaningful performance management system. They implement standardized performance management processes and definitions and put in place a formal cycle for reporting and reviewing leadership performance and potential each year.
Leaders that excel at succession planning know planning is only half the recipe for ensuring they have people ready for key leadership roles. They also put in place development programs to grow the future leaders they have identified. They provide seminars, classes, work experiences, development assignments, and coaching and mentoring to help the next generation of leaders get to the next level.
Leaders that excel at succession planning hold leaders in the organization accountable for using the succession planning process. They replace leaders that don’t catch the vision of leadership development. They review succession plans for completeness, and learn personally who the organization’s future leaders are.
Leaders that excel at succession planning know that people will judge the value of succession planning activities based on whether or not succession plans are actually utilized. They ensure succession plans become the driver of the selection process when leadership positions need to be filled.
BELIEFS
BEST PRACTICES
SELF-REFLECTION
PSYCHOMETRIC 360 QUESTIONS
Organizations cannot survive without a strong pipeline of future leaders who are ready to step up and assume new roles when called upon. Without any advance notice, an organization can find itself with a critical leadership vacancy that needs to be filled. Leaders who successfully succession plan, by identifying future leaders from either inside or outside their organization, place the organization on strong footings for the future. They know that no matter what surprises or changes come, they will have the leaders they need, when they need them, and where they need them. Leaders who don’t succession plan risk being left without a qualified leader when they need them most and suffering the imminent fallout.
WHAT IT LOOKS LIKE
Leaders who succession plan know the importance of ensuring there are individuals ready to assume key leadership roles in the organization at a moment’s notice. They prepare the organization to safely cross the bridge of leadership transition. They prepare for the unexpected and are ready to respond when any leader exits the organization at any time. Their goal is to have at least one individual ready to assume each key leadership role in the organization.
Leaders that excel at succession planning implement a standardized succession planning process across all levels of the organization. They understand the importance of standardization as it applies to something as objective as people and their leadership potential. They define best-practice methods for identifying future leaders. They provide definitions of leadership knowledge, skills, and capabilities leaders can use to systematically judge and calibrate talent. They provide rating scales and ranking systems for use when comparing different people.
Leaders that excel at succession planning know the data required to succession plan will only be as good as the system it comes from. They install within the organization a meaningful performance management system. They implement standardized performance management processes and definitions and put in place a formal cycle for reporting and reviewing leadership performance and potential each year.
Leaders that excel at succession planning know planning is only half the recipe for ensuring they have people ready for key leadership roles. They also put in place development programs to grow the future leaders they have identified. They provide seminars, classes, work experiences, development assignments, and coaching and mentoring to help the next generation of leaders get to the next level.
Leaders that excel at succession planning hold leaders in the organization accountable for using the succession planning process. They replace leaders that don’t catch the vision of leadership development. They review succession plans for completeness, and learn personally who the organization’s future leaders are.
Leaders that excel at succession planning know that people will judge the value of succession planning activities based on whether or not succession plans are actually utilized. They ensure succession plans become the driver of the selection process when leadership positions need to be filled.
BELIEFS
- If you don’t plan ahead to fill key leadership roles you open the door for potential leadership disaster.
- Few things will paralyze an organization more than losing a key leader without being able to promptly replace them.
- A half-hearted succession planning system will only further complicate the delicate people side of the organization.
- If you don’t use your succession plans no one in the organization will ever take succession planning seriously.
- Succession planning and high potential development have to be one of your top priorities as a leader.
- An organization will never be any better than its leaders, so take the time now to prepare the next generation.
- An organization’s worst-case scenario is to unexpectedly lose a leader and have no one ready to assume their role.
- You have to standardize measurement. When it comes to people matters, objectivity has to be reduced.
BEST PRACTICES
- Have a standardized succession process.
- Require every leader to prepare their successor.
- Implement a leadership measurement system.
- Rely on data and not just pure instinct.
- Choose which roles require a succession plan.
- Identify employees that are high potentials.
- Prepare someone to assume your position.
- Review other leader’s succession plans.
- Sense when a leader has a fake succession plan.
- Create standardized measurement definitions.
- Take hold of preparing the next generation.
- Define what a leader looks like and does.
- Teach how to accurately assess leadership talent.
- Review succession plans regularly for changes.
- Have a standard method to assess future leaders.
- Use your succession plans to fill key roles.
- Teach the importance of having a ready successor.
- Don’t let people opt out of succession planning.
- Measure leaders on more than just results.
- Define what it means to be a “high potential.”
- Bring credibility to the process by using it.
- Guard confidentiality of succession plan data.
SELF-REFLECTION
- Do I have a plan to fill each key leadership role in the organization, or do I have little idea how I would fill gaps?
- Do I actually use the succession plans that I have created, or do I revert to some other form of selection when needs arise?
- Do I have standardized methods for people to judge future leaders, or do I leave it completely subjective?
- Do I hold people accountable for succession planning, or do I create a culture of indifference?
- Do I know who the high potential and future leaders of the organization are, or do I not know who they are?
- Do I have good data feeding my succession planning process, or do I doubt the accuracy of the data I have?
- Do I feel I have the leadership needed to succeed in the future, or do I feel the future has been left to chance?
- Do I set the example by identifying and preparing individuals to assume my leadership position, or do I lead by words only?
- Don’t be so process driven that you steal a leader’s ability to use their gut instinct in judging potential leadership talent.
- Don’t create a rift in the organization’s culture by too openly identifying the leadership “have’s” and the “have not’s.”
- Don’t be so rigid in your planning process that you can’t bend the rules when it will help you get the leader you need.
PSYCHOMETRIC 360 QUESTIONS
- If I were to be away from work expectantly and for a long period of time, the work would continue on just fine without me.
- I know exactly who should be next in line to fill my leadership role.
- I take steps to mentor the next leaders in this organization.
- Having others understand my work doesn’t intimidate me.
- I have a formal system to identify future leaders.
- I have prepared someone to take my place at work.