6 Steps To Maximizing Bench Strength And Preparing Successors

Bench strength is quite important to sustaining a healthy business. While it’s certainly OK to go outside to replace management and executive leaders, it’s often advantageous to have viable, internal succession candidates who are ready to step up. Their company and business/industry knowledge and cultural fit can result in smooth, profitable transitions, and minimize the potential mistakes and stress associated with outside leadership changes.

So, if you aspire for that bigger job, are about to obtain a promotion, or if your retirement is imminent, it may be important to have one or two prepared succession candidates to take your place and sustain your legacy.

We are often asked to provide assessment insights to project the potential of succession candidates, and craft the right development vehicle and process to prepare them for succeeding roles. One example is a division president of a sales driven manufacturer who was earmarked to take on multiple divisions covering several states. He chose his sales director to succeed him and wanted a program to substantiate his choice, and prepare the person for general business management. Another is an insurance company where the VP Underwriting is being prepared for the CEO’s job in anticipation of the CEO’s retirement in about 3 years.

To support these and other succession challenges, we recommend the following steps:

1. An accurate base-line assessment: In this case, a psychological evaluation can be important to get insights into aptitude and style strengths and weaknesses. This information can project capability for the next level and provide base-line data for a development plan as well. A 360 review may be a helpful factor in identifying viable succession candidates, but these here-and-now, skills-based surveys are limited for projecting future capability.
2. Candidate debrief with the assessor/coach to accept results and implications, and to determine growth priorities.
3. A reality check with the boss, or other sponsors, to clarify a development vision and priorities.
4. A development plan (preferably with coaching assistance) that links effective attitudes and practices with the achievement of job and succession goals. Writing the plan is also an important factor in engagement and commitment.
5. Plan review with sponsors and other key stakeholders (going public is also important!).
6. A follow-up process for plan review and adjustments, and ongoing feedback to sustain the person’s effort and progress.

To conclude, if you are exploring succession planning; whether you are filling your shoes, are being groomed to fill shoes, or are looking to hire the shoe filler, let's chat. I would be happy to share insights into the steps you may want to take to ensure that this process is seamless, and benefits you, your succession candidates and your company.

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