Bob is retiring early? Oh no! Do you have a plan in place? Are you prepared? Do you have a succession plan that identifies and prepares the next generation to fill Bob’s shoes? If not, it’s time to prioritize Succession Planning in your next strategy as goal numero uno!

WHAT SUCCESSION PLANNING IS

Succession planning 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 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 STEP BY STEP

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.