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:
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.Print Article