Lucy had Ethel. Thelma had Louise. Batman had Robin. And Starsky didn’t go anywhere without Hutch. The true power of these dynamic duos is that they all had backup. They had a strong number two and someone in the wings ready to jump in and take over at a moment's notice. One of the biggest questions today is do you? Do you have someone on your team ready to step up and to snap into action? Do you have a solid succession plan in place? The answer is almost always no.
The truth is that the future state is hard for a lot of leaders, and to think about who will someday take the reins is often a costly afterthought. Current research shows that even though CEO turnover is on the rise, only 54% of boards are preparing a successor and 39% have no viable internal candidate. Companies scrambling to find a suitable successor forgo an average of $1.8 Billion in shareholder value. When you fail to plan, you will plan to fail.
Recently at ON Point, it has been promotion-pandemonium with so many of our clients moving up to higher level positions. Whereas that can be very exciting, it can also be incredibly stressful if you haven’t already identified, coached, and developed a strong member of your team to take your seat. You don’t need to be a CEO for your people to feel the pain of a leader-less team. It can cause a lot of chaos and confusion, drop in performance and productivity, and a significant negative impact on team morale.
Follow the ON Point Action Plan to ensure your succession planning is helping to plan for your success.
7 Steps for Successful Succession Planning
Start Early & Plan Often – succession planning should start on your first day not your last, be proactive & constantly be revising your plan
Assess the Talent – objectively assess the talent that currently exist on your team & think about what skills will be needed to take over your role
Align with IDPs – understand who on your team has leadership goals & aspirations & who would actually be interested in leading a team vs being an IC
Map It Out – if you identified someone with the skill & will to succeed you, then find & invest in relevant professional development opportunities for them
Loop Them In – over time appropriately start inviting them into higher level meetings, decision-making processes & more confidential information
Coach Them Up – dial up the coaching sessions, set higher expectations, provide even more real-time feedback & celebrate the wins of all sizes
Take a Seat – start doing & talking less while allowing your successor to take on more responsibilities, run team meetings & have a louder voice & presence
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