You have risk management processes in place for vital processes within your organization – you should also have risk management processes in place for top talent. Be prepared before chaos happens by undertaking back-office succession planning proactively. Here are the five steps to include in your succession planning process.
The Importance of the Succession Planning Process
According to Stuart R. Levine, chairman and CEO of Stuart Levine & Associates LLC, an international strategic planning/leadership development firm and EduLeader LLC, a digital learning company, “Smart CEOs know effective succession planning enhances shareholder value. For them, succession planning is not just a process for identifying replacements for management that will advance, leave or retire. It is one more way to infuse the organization’s culture with a win-win environment that engages employees and makes succession planning work.”
The Purpose of Succession Planning
The purpose of succession planning is to have a plan in place when someone within your organization leaves. This could be a career change, retirement, or an immediate life altering situation. Most of the time you can’t predict what’s going to happen, so having a succession plan in place can help work through the chaos when something unexpected happens.
The Succession Planning process should include these key steps:
- Decide what strengths your successor will need to keep your company growing
- Begin grooming your successors at least five years before you want to leave
- Set clear criteria for evaluating the rivals for the top job
- Keep delegating more responsibilities to ease the transition
- Aim for a hiccup-free announcement of your successor
Succession Planning for the Back-Office
You have risk management processes in place for vital processes within your organization – you should also have risk management processes in place for top talent. Be prepared before chaos happens. Download our eBook "Succession Planning for the Back-Office" to get a clear understanding of the importance of having a plan for your back-office if unexpected changes happen. In it, you'll learn more about:
- The Purpose of Succession Planning
- The Importance of Good Leadership
- Culture Really Matters
- What You Need to Know About Hiring Millennials
- Hiring from Within
- Succession Planning for the Back-Office
- Post-COVID Succession Planning
- Red Flags to Watch Out For
- What’s Next?
Deloitte reports that while 86 percent of leaders believe leadership succession planning is an “urgent” or “important” priority, only 14 percent believe they do it well. Similar to buying accounting software, succession planning is a function that you only do a handful of times in your career. It is realistic to feel that you don’t do it well if you don’t do it often. We can help. Contact us today.