Succession Development: The Key to Your Company’s Stability
Succession development is one of those things that business leaders always seem to know they should institute, but hardly ever do. Some shy away from it because succession development can be threatening to the current leadership, or because it requires long-term discipline in a world focused on the short-term. Whatever the reasons for avoiding it, succession development should become a vital part of every organization, particularly now, when a global pandemic threatens the stability of companies of all sizes and in every industry. When your organization institutes a practice of regular succession development, you are creating a plan to ensure that your company will withstand trying times without risking growth and stability.
WHAT SUCCESSION DEVELOPMENT IS
Succession development is a process for identifying and developing talented new leaders when current ones leave or are otherwise unable to fulfill their duties. When done well, succession development keeps your business moving forward, even when faced with changes or situations that could derail your progress, such as the global pandemic we’re faced with today. Such plans are also an effective tool for retaining top talent, as they provide a leadership pipeline for your most ambitious and talented employees.
WHAT IT IS NOT
As much can be said about what succession development is not than what it is. Often, it is seen as a replacement plan, which is not the case. Replacement plans are fragile, restrictive, and approach the problem from a narrow point of view. On the other hand, succession development plans are proactive, flexible, and focused on the evolution of leaders and the organization.
Succession development is also not a one-and-done deal. The most effective succession plans are living documents that are regularly refreshed. Nor is it decided and finalized by one, or even a few decision-makers, and is not focused on developing a particular individual’s skills. It is a plan to ensure that your organization is never without a talented leader who is ready and able to take over.
BUILDING YOUR SUCCESSION DEVELOPMENT PLAN
Every succession development plan is as unique as the organization it serves. Your first step to building your system is to know who you are as a company. Keep in mind that there is no right or wrong answer, but that when your current top leadership knows "who" your company is, you will have an easier time planning for its future management.
Your next step is to assess your current organization. What are your structures, systems, and core processes?
Identify future talent. Take an approach that blends both subjective and objective qualities, such as performance scores and manager and customer feedback. Once you've identified several people, management should then talk to them to assess their career goals and see if there are roles that they might fill.
Develop pathways to leadership. Begin a development plan to groom your top performers for leadership. Take caution not to approach this step with a mindset that they will take over right away – ask how to get them ready, not if they are ready today.
Review your plan annually, at the very least.
No matter the size of your business, all organizations can benefit from the process of preparation involved in succession development – it shines a light on the crucial jobs, skills, and organizational structure that makes your company what it is. Also, it doesn't have to be a complicated process limited to only the highest levels of a company. The practice can be applied to all levels of departments.
Don’t wait until your leadership needs to hold an emergency meeting to determine a succession development plan. Building a succession development plan for your business is more important than ever. If your organization does not currently have one, or if it’s been several years since yours was refreshed, contact Leadership Delta today. We will get you on the path to ensuring your company will thrive during even uncertain and trying times such as these.