Succession Plan Strategy for Growth and a Secure Future

How well are you positioned if one of your critical staff were to leave or if your business needs to pivot and take a new direction? Your staff are a critical resource to your business and, like a sports team if you don’t have a strong bench, eventually the other side will beat you. Think of your business in the same way - do you have internal staff who can step up in the future? Do you have staff that think outside the box? Don’t be afraid to recruit new staff that may not have worked in your particular industry, but instead look for those with a good broad background sitting on the fringes of your industry sector. If they are worth their salt they will come up with ideas that internal staff may not have heard of. Let staff challenge the norm, be open, explore all staff suggestions and encourage a culture where new boundaries are tested.

So what steps are required to formulate an effective succession plan

1. First you need to look at where you are exposed within your current organisation chart. What would happen today if you or one of your staff didn’t turn up for work?

2. What is the future direction of the business and what does the organisation chart look like for this?

3. From here over lay your 2 organisation charts and work out which positions need cover for now and the future.

4. Communicate your findings with your staff, especially the younger generation will be more engaged if there is a known succession plan in place. Be open with your staff about the importance of succession planning and what this looks like for each position. Explain the process and how the competencies you seek line up with the company’s mission, vision and values. The hardest part of the transition is getting over staff’s fear of change management, which can be very destructive if not handled correctly.

5. Articulate the type of characteristics, skills and competencies required for each position. Some examples of the more common traits sought from key staff in companies seeking to grow might be:

· Energy - those that show energy and drive, do they energize others around them in a positive way?

· Edge - do they display attributes that have the edge over their peers?

· Execution - can they make it happen, can they make the tough calls?

· Influencers - can they influence those outside their comfort zone?

6. Do you have any internal candidates that may be suitable for the role(s)? If so try them in the new role when your incumbent manager is on leave taking note of where they are strong and where they may need further training. Again it is important that the process is transparent for all those involved.

7. If you have no suitable internal candidates, then it is time to look outside. Sometimes it is better to hire someone who hasn’t been directly involved in your industry. Consider someone who may be sitting on the fringe of your industry they will come with a different set of views that you may not have considered.

Conclusion

Succession planning - the secret is in the second word “planning”. If not carried out in a systematic manner it can be very disruptive for your staff as it normally involves some form of change management. There are risks to upsetting some staff here but doing nothing is far more risky.

The time to reflect and plan is now. If you need help in clarifying how to move forward positively, or you need a review of your systems or processes, succession planning, change management or recruitment contact me now. Remember you don’t pay for the first hour, so start 2021 proactively.