Leadership Succession Planning for Your Business

You’re one of the lucky ones. Your business is running right because you have key positions filled with exemplary people who will be on board long-term. The business is profitable and all is right with the world. Or is it?

What if one of your C-level executives is sick, but doesn’t know it. Soon, this person will have to leave for intensive treatment and you will have a hole in your company that can’t be immediately filled. Perhaps one of your managers is about to be lured and scooped up by a competitor. The logical plan for many companies is to move someone up internally to fill the void, but that’s sometimes worse than keeping the vacancy unfilled. What will you do?

Once again, this is a situation where planning is the key. A strong program of succession planning can change a panic situation into a smooth transition if you are properly prepared. Let’s look at some ideas:

Compensation – Training – Promotions – Competition

• Are your current people properly compensated? You are less likely to have people leave your company if they are competitively compensated. Be aware of what other companies pay their people and try to stay one step ahead.

• Are your second-tier people competent to step up if needed? You should consider long-term roles and goals for every employee in your company. From the ground up, training and education for future roles will make succession strategies easier. It will help build the overall strength of the organization.

• Timely promotions. If you’re going to invest in training, there must be a reason for the employee to stay engaged and interested. Promotions. A strategic plan that is properly executed and communicated to everyone will maintain a sense of balance and security.

• Stay aware of other candidates. There several ways to stay aware of what other companies are doing with regard to personnel. It’s not a bad idea to keep up with who is holding key positions with other companies. However it’s important to understand that if you view a profile on LinkedIn, for example, that person will be aware that you did. Always maintain confidentiality.

Leadership Succession Planning

No one is irreplaceable, and people need to be replaced. Planning for this inevitable situation is prudent. If you have questions, I can help. 612-294-8730