Finding the Right Successor
It is the law of nature that no one is irreplaceable. The same principle is applied in companies as well where the leaders and the managers will leave or retire after a certain time and their replacements will then take the charge. How succession planning works for an organization depends on its structure. It cannot be the same for any two organizations, therefore, before devising a plan, one must be fully aware of everything about the particular organization. The basic principles around which this plan revolves are more or less the same and are listed below:
Originates from Organization’s Strategic Plan:
Many businesses don’t have or don’t believe in this process. The more successful companies have embraced this type of planning and have developed a plan and continue to refine and adapt the plan for any changes in the business. It has a great impact on Succession Planning because businesses that develop a plan are not usually caught off guard or if they are they can react quickly.
Think Long Term:
Don’t just think in terms of one or two years. A Strategic Plan is a 5 to 10-year plan. Succession planning is a commitment and is not a small job. It takes forward thinking and input from all levels of a company. The process is never-ending, always measured and adjusted accordingly.
Get to Know the Right Talent:
You must be aware of all the possible candidates internally or externally who qualify for the positions. It is so important to make sure you begin this process prior to retirement or losing a key member of the team. This allows you to make sure the person is trained properly if internal and consistently recruited if external.
Develop Generations of Successors:
Do not just think about one single successor, plan for the future. Come up with a number of successors who will be ready to take the position at any time if the predecessor leaves for any reason.
Open and Transparent Communication:
There must be open and transparent communication in the plan so that all the candidates, as well as other members of the company, are fully aware how the plan has been devised and how it will be implemented.
Balance between the Values of Fairness, Accessibility, and Transparency:
The principal values of fairness, accessibility, and transparency must be there. No candidate must be given any favoritism and the process of decision making should be very fair and transparent.
Aligned with Current and Future Business Goals:
The decision of coming up with new leadership should be aligned with the current and future goals of the company because otherwise, the company will be facing a huge drawback if its flowchart is disturbed.
Aligned with the Rest of the Senior Members of the Company:
It is very important to come up with an individual that is liked by most of the senior staff members of the company including the directors and the managers. If the person fails to come in accordance with them, the functioning of the company will be disturbed badly.
Succession planning has to be one of the most important and tedious jobs in a company because coming up with a person who proves to be the ideal leader for the whole company is a very critical issue. One right move can do wonders for the company and a wrong one can lead to any sort of disaster for it.
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