Succession planning is a critical strategy for ensuring the long-term success and stability of an organization. In brief, the three key steps to succession include:
Succession planning is essential for all businesses, regardless of size or industry. It ensures continuity in business outcomes and operations and mitigates the risks associated with both planned and sudden leadership changes. By implementing a well-designed succession plan, organizations can retain institutional knowledge and expertise, preventing any disruption in operations. This strategy also helps in maintaining employee engagement and productivity, as it provides a clear career path for the next generation of leaders.
Key roles typically include the current top leadership positions that have accountability for leading the organization and driving the company towards the achievement of the most important business strategies and goals. In addition, it is wise to think about the future state of the business, where the growth opportunities are, and what new or altered positions will be needed to move the organization into the future.
I always have created a set of leadership competencies that are essential for the achievement of both the current and future business strategy. This is a useful tool to evaluate and develop current and future leaders, and to build a pipeline of ready candidates to move into the next level role.
Once the roles and criteria for success in those roles are defined, it is time to assess and evaluate the possible candidates and establish an internal pipeline of talent. The more specific the criteria, the better the pipeline identification. With well-established criteria (both qualitative and quantitative) the pipeline of candidates can be evaluated to see who the successor(s) for each key role may be.
I also like to add a readiness component for each candidate in the pipeline which is based on the knowledge, skills, and specific experiences needed to be successful in that next level role. With clear criteria and insights into the gaps, this is the ideal place to begin closing those gaps by providing experiences, specific skill or knowledge building, and executive coaching.
Executive Coaching is an investment in key leaders and expedites their readiness ahead of or at the time of moving into the role and propels their effectiveness once in the new, higher-level role. Defining gaps and development goals ahead of and as part of the actual coaching enhances the executive coaching impact.
Personalized development plans tailored to the needs and goals of each successor are essential. These plans should outline specific actions, learning opportunities, and milestones that align with both the individual’s career aspirations and the organization’s future needs.
The focus may be on decision-making, elevating thinking to a more strategic level, building effective teams, executive presence and communication impact, listening, conflict management, delegation, leading change, interpersonal skills, taking a broader organizational perspective, and more. This additional support ensures that transitions are seamless and that new leaders are set up for success from the start.
In conclusion, as organizations think ahead about their business strategy and plans, they should also be thinking about their current and future leaders that will own the actions to achieve these business outcomes, and also be defining what is needed today and tomorrow from leadership to ensure optimal business outcomes. Executive coaching plays an essential role in ensuring readiness and impact!