Succession planning is about ensuring the longevity of your company and understanding who will take ownership of key positions in your business once the current incumbents have to leave! Key positions are called that for a reason – these positions have the ability to destroy a business if the correct people are not appointed positions without which the business will not be successful.
When starting with your succession planning journey, you need to consider a couple of factors to ensure that your new incumbent has the best possible chance to be successful in the position. What you need to consider during this journey :
- The current person in the position
- The successor
- The team (that the successor will lead)
- The entire workforce
- The nature of the business
Succession planning needs to start well in advance to ensure that you are not only able to identify the right successor but also have sufficient time to ensure that the person is developed in the areas that are required by the position. This development can be done in the form of formal training, coaching, and mentorship and enough time should be allowed to attend to all the required growth areas.
There is nothing more devastating than promoting someone (who was a high-performing employee before) into a more senior position without ensuring that they are fully equipped to do the job! This is not only damaging to the business but detrimental to the individual as well, as you might be setting them up for failure.
So, we understand what needs to happen to ensure that succession planning is done properly but how do you identify the right person?
“A leader’s lasting value is measured by succession”
John C Maxwell
Our online habit analysis tool allows you to do exactly that. It allows you to create a benchmark of your top performers in the organization and by doing that, you are able to identify what it is that you are looking for in terms of habits, skills, and behavior. Once you know what to look for, the system further allows you to, at the click of a button, search for individuals with similar skills and habits who could be earmarked as possible successors. With the built-in personal development capability, the system will provide guidance on which development areas should be addressed first and you can assign system-based development plans to start the development journey.
Organizations don’t always consider the importance of proper succession planning and don’t always plan well enough in advance. If you consider the fact that the success of your business is totally dependent on ensuring that the right people fill the right roles, shouldn’t you be investing the time and effort to allow yourself to at least start thinking about your succession planning strategy and equip yourself with the proper tools to implement it properly?
AUTHOR:
Yolandi Nortje, owner of Norco Inc.