Building the Future: Realizing the Benefits of Your Succession Planning Process
Imagine this: you have someone who has just announced he is leaving for a dream job at another company in a state where he wanted to live. Additionally, you just promoted one of your best people to another role within your area, so you have another open position to fill. Suddenly, you are faced with two critical open positions. This situation could strike fear into many leaders. However, you’re not worried. You’re beaming with pride because you know you prepared the person moving to another company for the role he wanted and know he will excel. Additionally, you’re excited to have the promoted team member as a peer in a critical role in the organization. You rest easy at night knowing that you have supported both of them on this journey and you have a seamless plan for backfilling both roles.
After the announcements are made, you follow that up with the promotions of two other individuals that you can excitedly say were part of your succession planning program. You welcome them to your team, who greets them with cheers, support, and familiarity. Most of your other direct reports have been a part of their development. They already know where their strengths lie and where they may still need some help in the coming weeks and months as they fully adjust to their new role. Everyone is confident they will hit the ground running and ensures the entire team doesn’t miss a beat. The best part is that the new members will be champions and examples of the development program from which they’ve graduated. Their moves open the ability to fill the top of the funnel with new talent to one day be in the same position as they are now.
The scenario above seems like a dream. But the possibility is real, and you can make it happen. These are the outputs and true benefits of a well-defined and managed succession planning program.
Consider, on the other side of the coin, the recent transition the Walt Disney Company experienced. Bob Iger was a beloved CEO who had reimagined Disney during his more than 15-year tenure with the company. He had planned his retirement with a succession plan in place. Bob Chapek stepped in with the assumption it would be seamless. The company would continue to thrive and build on the successes of Iger. Instead, what resulted was messy, public, and ultimately a failure. In less than two years, the company exited Chapek and brought Iger back to steady the ship, which had hit troubled times. Somewhere, there was a disconnect in what everyone knew about how Chapek would run the company and whether he was truly ready for the position.
The first scenario is a far better place to be than the second. Throughout the last several articles, we have explored what the succession planning process can look like. I want to finish with the benefits that come from the hard work and dedication to development.
Succession planning is a strategic talent roadmap. It is vital to both contingency planning and cultivating a culture of development. Partnering to build individual development plans, regardless of immediate ambitions, is critical in keeping everyone advancing. The process involves guiding high-potential talent with tailored plans and addressing job-specific skills and essential leadership development. Real-life experience and active participation are essential elements, emphasizing continuously filling the talent pipeline from within and outside the organization.
Having your succession planning program in place affords you so many benefits, but to name a few:
A full pipeline of candidates and future talent
Leadership ready individuals when the opportunity arises, planned or unplanned
Adaptability to changing situations and environments
Team collaboration and encouragement
Retention
Team engagement
Culture of learning and development
Flexibility to support any area of the company
Team job satisfaction
Pride in supporting a growth mindset for your team
These benefits only scratch the surface of what can come from a well-run succession planning platform. These are generally tied to the people element of the business. But from a results standpoint, you will also reap the rewards of better sales and more consistent performance throughout the years and seasons of the business. You will have a team that works together to support a results-driven culture. The team will understand that results fuel the ability to strengthen and grow the succession planning program.
Jumpstart your succession planning program with these quick calls to action.
Start crafting individual action plans today for everyone
Foster a growth-driven environment
Actively engage your team in their development journey
Look for cross-functional opportunities
Provide continual feedback on their development
Ultimately, the goal is to create a culture of inherent growth, development, and progress. This leads to a pool of potential candidates primed for future roles and ensures the organization’s long-term success.
Finally, the best personal benefit of a great succession planning program is the peace of mind it brings you as a leader. You know you will have the right person for the role you need filled at the right time. Recognize that the scenario that started this article can be you. Your hard work pays off in the confidence that your team is set up for success for the long term and you are playing a significant role in each individual’s personal growth.
How will you update your succession planning program to give you the feeling of team strength for the future?
To round out this series, the next two articles that I’ll share will be updates from previously published articles that tie very closely to key elements when considering your succession planning program. Enjoy!
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