101: Securing the future with succession planning
Planning ahead can prevent future chaos, especially when it comes to succession planning. Whether due to retirement, promotions, layoffs, or unexpected life events, there will likely come a time when your company must move forward without you. Creating a clear plan clarifies colleagues’ roles so they can carry on the company’s legacy.
Map out essential roles. Instead of focusing on every position in your company, concentrate on the roles within your leadership team. A company is only as strong as its leaders, and assessing their responsibilities while identifying potential successors can transform a chaotic scramble to fill vacancies into a thoughtful, strategic transition. “Even if you do want to eventually have an idea of how you’d cover any position on your team, focusing on leaders is the best place to get the process started, especially since vacancies in those positions can cause the biggest disruptions on your team,” Kat Boogaard writes in an article for software company Atlassian.
Equip successors with resources. After identifying the future leadership cohort, it is essential to provide them with the tools they will need to ensure future success. Specialized training, workshops, coaching programs, and further education expand the team’s capabilities and maximize the effectiveness of the succession plan. “By focusing on the competencies and leadership qualities required for key positions, you can bridge the gap between an individual’s current capabilities and those needed for their next role,” Monique Verduyn writes for Academy to Innovate HR.
Prepare for continuous change. Succession in companies is not a one-time event but an ongoing process, as vacancies arise for many reasons. Preparing early and revisiting plans regularly ensures you are actively shaping your company’s future rather than reacting to unexpected changes. Elisa Shevlin Rizzo of J.P. Morgan Private Bank recommends viewing succession planning across three timeframes: short-term (0 to 3 years), medium-term (3 to 5 years), and long-term (5 to 10 years and beyond). This structured approach helps leaders align immediate needs with long-range vision.
WBJ Web Partners
Most Recent
Most Recent
0 Comments