4 Essential Components of Any Succession Plan
ICOG - 11-May-2022
According to research by Deloitte, “86 percent of leaders believe leadership succession planning is an urgent priority but only 14 percent believe they do it well.” Having enough capable leaders is a challenge for organizations, and this is where succession planning comes into play. However, there is an art to succession planning.
What is Succession Planning?
In essence, succession planning is a plan to ensure your organization has good future leaders in store. But how would your current leaders feel about that? Would it make them nervous that they could be replaced at any time? Or perhaps would they disrupt the process to safeguard their own interests? Navigating these choppy waters is what makes succession planning a tricky process.
The first important step is to communicate the goals of succession planning. Transparent communication across the organization will allay any fears and worries in the minds of the current leaders. Furthermore, the current leaders must be encouraged to be proactively involved in choosing their potential successors, as no one else is better suited to understanding the requirements of their role. One of the main mistakes to avoid is having any secrecy around the process.