Stages of Effective Succession
It is never too soon to start developing a succession plan for the top executive positions in an organization. Such plans take time to develop and come to fruition. Here is a brief outline of the steps:
This step should be in process continuously. It involves determining which positions need successors and what knowledge, skills and abilities will be needed for those positions in the future to have a successful enterprise.
This, too, is ongoing. It is the training and development of the inside candidates and the search for and recruitment of outside candidates that fit the ideal candidate profiles. This step takes time to implement…maybe years if you hope to develop talent internally.
Here you are screening, selecting and negotiating terms with the successor. Often, you will need to circle back and revisit plans and development steps if strategies change. Eventually, though, a successor must be chosen.
This is the handing off of the baton from a retiring executive to his or her successor. It is fraught with risk and should be carefully planned and
monitored. Most new employment relationships that are going to go bad will do so during the first six months while a transition is occurring.
There is a lot to do to make succession planning work. We will be happy to present an overview of the process to your executive team and/or Board at no cost
Click here and request a contact, or call me at 919-732-2716.
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