Did you know that every December, General Electric 's board agree on a would be successor? They do not go through this planning process because they are going to replace their CEO. General Electric knows that succession planning is critical to the success of their corporation.
Smart executives in all size companies identify and develop a successor, and require each of their management team members to do the same. Succession planning is important for a number of reasons, and no, it usually does not lead to the individual taking your job before you are ready to leave.
1. What if you got "hit by a bus" or had to take an extended leave for major surgery? Who would fill in for you to ensure that the business didn't take a nosedive in your absence?
2. What if you were offered the opportunity to job rotate to a very visible, highly critical job in the company? And what if you actually had someone to run the show in your absence? John, a client of mine was asked to job rotate for a year in another part of the company. He was psyched because he saw this as a career advancement opportunity and accepted the challenge. Although John's new job was everything he'd hoped for, unfortunately for him, his department fell apart once he was gone. Without a capable successor to take over running the business, there was little leadership and the business results went south. Management had given John this opportunity because they not only thought he was highly skilled, but also viewed it as a developmental opportunity for him. But when his department fell apart in his absence, they changed their opinion of his leadership capabilities. In fact, John's inept job at succession planning turned out to be a significant blow to his career.
3. What if you had someone to whom you could delegate some of your work? Imagine having the time to do higher level strategic planning? And surprisingly, you not only don't actually miss the work you delegated, but the person doing it now thinks it's exciting and challenging?
4. What if developing a successor is such a stimulating opportunity for another person in your organization, that it serves as a retention tool? Many senior level individuals are no longer motivated or excited by the day-to-day job itself. They find strategizing about business positioning, growth, and how to obtain better results much more interesting...and a better use of their time.
Succession planning and targeted professional development is seen by participants as a very compelling reason to stay put.
Companies that have a succession planning strategy create the bench-strength that ensures a continuous stream of skilled mangers. Succession planning is a critical tool for organizations seeking to achieve world-class performance through better and more talented leadership. It has been proven that organizations can achieve even greater results with an effective planning strategy.
Leadership Coaching Newsletter is written and produced by Wendy Capland. To learn more about our leadership development programs call us at 978-692-4454 or email: wcapland@visionquestconsulting.com.
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