Why Succession Planning Is More Important Than Ever
Great leaders all know that no plan ever goes off as expected. Recent events in our global economy have certainly sent many of us back to the drawing board when it comes to prioritizing our top initiatives. The last few quarters have required each of us to spend considerable amounts of time working on short term shoring up of our businesses to combat a volatile and challenging market. As the signs begin to point to some inherent stability in the marketplace (if not a small turnaround), it is time once again to turn an eye to succession planning.
Do you understand the talent you’ll need to keep your organization successful well into the future? What strategies will be required to turn today’s employees into tomorrow’s leaders? These issues are regularly on the minds of corporate executives and HR professionals alike. Today, however, our recent market has taken some of focus off the long term. Here are some helpful tips to get succession planning back to the forefront and ensure your organization’s future looks bright.
Consider Your Talent Needs
One of the biggest changes this economic downturn has created is the slowdown in the retirement cycle. It’s tough to sail into the sunset when your 401(k) is down 40%. Many older management employees will be working much longer than they thought possible a few years ago. Don’t let this temporary delay take your eye off of the ball. Ask yourself, if the market came back tomorrow, what potential positions would we have to fill and do we have the talent in the pipeline to do so?
Identify Talent Early
If you aren’t already doing so, put some sort of program in place to identify your talented employees. This could be as structured as assessment testing, or as simple as having cross-functional conversations with the employees with the top ten percent of review scores. No matter how you go about it, identifying your future leaders and letting them know you see their potential is a huge step toward successful succession planning.
Create Development Opportunities
Many companies believe these tough economic times have left them incapable of offering development to their potential leaders due to the expense of training. Not so. Rethink your definition of training, and consider options that cost nothing. This may include high-potential employees in budgeting cycles or planning sessions to begin educating them about responsibilities they may have someday. Not only will they build skill sets and feel valued, but you will get more of your best thinkers involved in the process of guiding your firm. It’s a win-win.
As you begin laying the foundation to your future success, you should send the message that succession planning is back on your organizational radar. This will communicate to your workforce that the company is on solid ground and considering the best way to move forward. Not only will a focus on succession planning help protect your future, but this signal that stability is getting a foothold in the marketplace will also have a beneficial impact on your staff attitude and productivity today. Now that’s an idea anyone can get behind.
