What’s Your Succession Plan?
With Uber CEO Travis Kalanick resigning in June after months of company turmoil, this disruptive technology business now has the job of appointing a successor. No doubt they have a plan in place.
However, it is estimated that 52% of small to medium sized organizations do not have a succession plan in place to replace senior leadership.
An effective succession planning process improves employee engagement, commitment and retention. It also helps with the talent recruitment and ever increasing recruitment costs.
Common Mistakes Organizations Make
Not paying attention to the potential leaders within the organization and being unprepared for a leadership transition.
Not having a process to assess internal talent.
Failing to communicate an organization’s plan and desire to promote and develop potential leaders.
Not investing the time to mentor and coach potential leaders.
Not providing developmental opportunities and experiences for employees.
Not having senior leadership buy-in to the succession planning process.
6 Tips For Creating An Effective Succession Plan
1. Make it a Priority
Organizations need to make succession planning a priority and commit the necessary time and resources to focusing on, and anticipating leadership transitions. Focus should be on identifying which employees have the required skills and competencies to move to the next level.
2. Devote Time to Planning
Time should be allocated to senior management discussions to ensure the organization is ready for a leadership transition. Succession planning needs to be a priority and should be part of an organization’s business strategy.
3. Create a Talent Management Process
Create a defined and specific talent management process that includes identification of skills and aptitudes needed to perform job responsibilities. For example, if the position requires a high level of emotional intelligence, the candidate may need testing and development of that competency.
4. Benchmark Talent
Succession planning helps organizations prepare for a transition in leadership and puts structures in place to develop skills and competencies in employees. Benchmark the skill sets of other leaders in the marketplace to ensure the in-house talent pool is the most qualified for the job.
5. Structured Transition Plan
Transitioning leadership can be a challenge if there is not a plan to address the obvious issues that come with passing the baton. This simple step can minimize the downtime associated with leadership transitions and can help the newly promoted employee to hit the ground running.
6. Create Employee Development Database
Organizations should create a database that tracks employee skill development. Keep records of performance appraisals, employee development plans and all employee training.
King Recruit is a Management and Executive Recruitment Partner based in Exeter, Devon. Our Vision is “To enhance the growth of careers and business with strategic recruitment excellence”