Setting Timelines And Building Your Succession Roster
A five-year timeline for succession planning is good, but it’s even better to start planning as early as possible. While leaders usually have a date in mind for succession to happen, there are factors that might be more difficult to control.
What if you have to leave earlier than planned? What if the successor you had in mind leaves for another position or even another company? Planning earlier can help you navigate these situations and fully prepare to move on from your role. The last year of your succession plan should be a dedicated transition period for you and your successor.
When people think of succession planning, they might think of a leader choosing a single person to be their heir apparent, who they will groom for the position. In reality, choosing a singular successor poses a significant risk to both the leader and the organization. Rather, leaders must have a short list of candidates in mind as possible successors and work to develop all candidates. Think about the qualities and skill sets that you might want your successor to have. Do you already have specific peers or employees in mind? What if you don’t see a clear candidate within your organization? You might even have to look externally to meet your timeline.
Opening Up Leadership Conversations
Once you identify this short list, have conversations with your candidates early on, not only to determine their aptitude but to learn more about them. What are they like as leaders? What are their career aspirations? What level of support do they need to take on this type of job? Would they even want to become an executive one day? Leadership roles can be challenging, and not all people want the challenge or the responsibility. Shortlisting candidates means executives have ample time to learn more about how each candidate operates on a day-to-day basis. Take this opportunity to observe them and consider this in your planning.
Put effort into developing candidates. Because you are identifying them early on, you now have the opportunity to identify any gaps that they may have and give them opportunities to develop their business acumen and the skills required to fill the leadership position. Perhaps at this point they may benefit from further formal education such as MBA programs, or from learning about different functions across the organization, whether that necessitates a lateral move or mentorship from a senior leader within a different department.
To develop their leadership skills, create opportunities either within their current roles or in new roles for them to build skills like systems awareness, critical thinking or even public speaking and presentation skills. This period also gives candidates the chance to identify gaps in their own development and advocate for themselves, so that you can give them the time to work towards closing those gaps.
Succession Planning Throughout An Organization
Succession planning is not just for the C-suite. As senior leaders move into executive positions, they leave positions that also need to be filled, which means they too need to plan for their own succession. Succession planning must occur throughout the organization to ensure the leadership pipeline is filled.
An effective internal succession pipeline means that organizations must provide opportunities for employees at all levels to develop their skill sets. Having leadership conversations at every level is a great start because you’ll learn who among your employees are looking to step into a leadership position and you can support their aspirations. As with senior leaders, all levels of staff should be afforded opportunities to build up leadership skills as well as business acumen. Keep lines of communication open and exchange feedback to ensure your potential candidates feel supported on the leadership track.
Successfully Transitioning
Succession is a period of significant change, and both the outgoing and the incoming leaders, as well as their teams, need to adapt to the changes.
In a transition period, outgoing leaders must plan for obsolescence: no regrets, and no vacuum left behind when you leave your position. Your successor will need mentorship and support so that they feel confident in taking over your position, and so your team is confident in their new leader. At this time, extract yourself from your prior role.
Incoming leaders will need support as they navigate the learning curve of their new position. Outgoing leaders must be the sounding board for their successor, challenge them, accelerate their learning, and support their relationships and decisions. Ensure the team is supported after the previous leader leaves, a few months into the transition, and as the new leader establishes new norms and a new direction for the team.
Succession works best when leaders prepare for the transition well in advance. If you are thinking about starting your own succession plan, think of the things you can start now, such as identifying potential successors and focusing on development. You and your organization will be on the best path to prepare for change.
