Over the life of a business, it’s not unusual to focus primarily on growth and getting day-to-day work done. Then one day, before you know it, the company’s principals come to realize that they will not be there forever, nor do they want to be. But how can organizations effectively pass leadership onto the next generation? According to research by Deloitte Insights (DI) 86% of leaders surveyed thought succession planning was urgent or important, but only 14% felt they did it well. The question is, how can they get a new team in place that will be as diligent and invested as the current leadership. The answer is to make succession planning a priority for the whole organization
Is Your Team Set Up For Long-Term Success?
Attaining Top-Down Buy-in is Essential
Ensure leadership at every level is committed to succession planning. They should contribute to the selection of candidates and sign off on training and accountability. Senior leaders should be part of the training and grooming process for new leadership to ensure the handoff is seamless and the new team is set up for success.
Keep Emotions in Check and Goals in Mind
Succession planning can bring complicated emotions to the surface. Those leaving the organization can be reluctant to let go. They are not ready to step down and may not see a need to select or train replacements yet. Stakeholders may have varying ideas about how the succession should transpire. Leaders may step up confident they are the logical choice, finding they are not in the running.
Strategy Can Bring Peace of Mind
Rather than leaving unfinished business, strategy can ensure there is no gap in leadership. No one needs to worry about what will happen because there is a plan in place. It can be an opportunity to ensure the company’s legacy continues and the brand remains consistent. A sound succession strategy can prevent investors from getting the jitters or employees jumping ship because of uncertainty.
Succession Should Match Your Culture
A great deal of thought goes into developing and maintaining your company culture. Don’t let that slip away through the succession planning process. If you have a history of community service that defines your culture, put measures in place to continue that practice. If your culture is casual and innovative, don’t bring on leaders who are rigid and structured.
Succession planning is an ongoing process, not a one-time event.
The need to pass the torch should come as a surprise to no one. Developing current staff and continually bringing people on board who can take a leadership role is part of ongoing success as well as a seamless transition. Choose and advance those who are committed to supporting and advancing the organization’s values and vision.
Partner With The Panther Group
Panther can help forward-thinking employers attract the leaders they need to succeed now and in the future. As experts in recruiting, managing, and training employees, we are more than the accounting and finance, engineering and information technology staffing agency you’ve come to trust. We are a proven partner in professional recruitment and executive search. Contact us today.
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