Categories: Recruiting Software Blog
The squeeze for talent is putting an equally tight squeeze on business succession planning.
Creating a blueprint for change is the primary task of any succession plan. Whether it is a large organization or a small family business, knowing what--and who--comes next is a big part of business planning.
A short list for the C-Suite is not the only focus of a corporate succession plan. As the average tenure of skilled talent drops to just over four years, HR needs an overall frame to approach leadership training and workforce succession.
Leadership planning is a big part of business sustainability
Your dynamic head of R&D just got an offer they cannot refuse. Leaving with two members of their team, you now have a problem beyond just filling positions. Institutional knowledge and continuity are significant aspects of organizational culture. An effective succession plan ensures carry-through of knowledge and stability when key players exit the building.
Being prepared for change puts you one step ahead when a manager or leader steps down. Recognizing and nurturing leadership capabilities throughout your workforce helps you stabilize the landscape when positions open or different types of leadership are needed.
If corporate, department, or team succession planning is not where you think it should be--consider these points to get your workforce aligned with the future:
Instead of grooming a cadre of executives for leadership positions, consider reaching into the ranks for passionate, skilled talent who excel at their position, seek challenge, and would benefit from the opportunity to initiate and innovate. Develop leadership from within by identifying bright talent already familiar with your brand. Position these people with other experienced workers to gain full-scale understanding and proficiency with aspects of your organization.
Equip those individuals with competencies you have identified as essential to your future vision. Ensure you choose individuals with differing talents as leadership is not one size fits all. An employee gifted with growth through merger or acquisition is not going to be the same employee driving growth through internal reorganization.
The best leadership development program is one that identifies, nurtures, and retains talent at all organizational levels of your company. Engage management personnel throughout the enterprise. Your future leaders, defined by HBR as "purpose-driven employees," may already be on your payroll. Develop meaningful metrics to gauge effectiveness, success, and leadership impact.
Change happens. Succession plans are essential to your company lifecycle and speak to the ease with which your business can move forward when challenged by the unexpected--and the expected.