When the subject of succession planning comes up in a conversation, I am never sure where the discussion will lead.
Because succession planning has several meanings and interpretations, depending on the size of the company or the individual you are talking to.
· Have you ever asked yourself what would happen if you became
incapacitated and were unable to run your company or your department?
· Who would take over?
· What would happen to you, your company, and your family?
Succession planning isn’t one thing; it’s many things, including developing those around you to step up long after you are gone, or when a tragedy strikes.
Speaking of succession planning, let’s first set the stage with some questions.
· Do you have a plan? If yes, is it clear and are you focused?
· Do you understand the overall need for a plan?
· Do you realize it keeps you connected to the bigger picture?
Again, it doesn’t matter if you are an individual or a large corporation, succession planning is fundamental for your future.
ADVANTAGES OF SUCCESSION PLANNING
Both employees and the business benefit from long-term succession planning, regardless of which form it takes.
A formal succession plan tells employees that the business values and is committed to its staff.
Advancement opportunities often increase morale and employee engagement, causing a corresponding decrease in employee turnover rates.
On the employer side, succession planning supports continuity and sustainability objectives, ensuring the business is capable of moving forward whether key staff members leave voluntarily, retire, or leave via termination proceedings. As already discussed, there are many types of succession planning.
What are you planning and do you have the following covered?
• Formal succession plan and company exit
• Designated replacement in case of emergency
• Target date replacement for retirement
• Talent development
• Job replacement
• Situational replacement for specific roles
• Growth replacement
There are lots of ways you can develop talent, as well. I have found this structure to be highly effective in all types of trades and companies of all sizes.
1. Establish a core vision and live by it
2. Establish a core mission and live by it
3. Ensure you have core competencies
4. Ensure you have matching behaviors
5. Establish and maintain a strong workforce foundation
Using behavioral assessment tools gives you a quick heads-up to know what drives and motivates not only you, but, more importantly, those around you. One such great tool is the Predictive Index®.
1. What behavioral strengths do you look for?
2. Are the executives in your team leading with those strengths and motivating others?
3.Are your job descriptions, job ads, and performance development systems in complete alignment?
Discovering your full connection includes Why, How and What:
Q: Why do we do what we do?
A: We want employee engagement to yield higher returns.
Q: How do we accomplish this?
A: By connecting performance indicators with ongoing feedback, including rewards, which helps you to continually identify the training and development needs for individuals and teams.
Q: What are the results when we connect all three together?
A: With higher returns from your efforts in Figure 4, you achieve a higher valuation for your company, which leads to earlier exit planning and financial freedom.