Uncovering Succession Planning: What Does It Really Mean?
> Succession planning is not a one-size fits all process. And it certainly is not a one-time thing. You cannot build a strong team and think you only complete a succession planning process when you have an opening.
Have you ever been internally promoted? You may have been part of a succession planning process.
You would be a fortunate one if you did. Many, if not most, companies or leaders need to have well-defined, highly disciplined processes for real internal growth and development. Building a team and fostering a culture of personal growth within a company takes work, commitment, and continual nurturing to bear the best results.
So, what is succession planning? I would rather not take for granted what you already know. In the previous articles, I set up the importance and hinted at the value of succession planning, but in this article, I want to discuss what it really is.
What is Succession Planning
An article on the Robert Half website defines it this way:
Succession planning is a strategy for identifying and developing future leaders at your company — not just at the top but for significant roles at all levels. It helps your business prepare for all contingencies by preparing high-potential workers for advancement.
The definition goes further than that. It is not just about preparing for contingencies or open positions. It is about having a dedicated program for individual development. Identifying the high-potential talent is the first step, both talent that already exists in your company and recruiting new longer-term potential. In a good program, you could be hiring someone today that you see in a key leadership role three or four years from now. Succession planning is the cultivation of talent. I hate to try to draw comparisons to anything when people are involved, but this is like farming or planting trees. You cannot just throw seeds in the ground and hope they grow. With care and support, a tree starts small and grows large over time. It also takes planning to know where you want that tree. If you know that you need shade in a specific part of your yard for a future project, you’ll need to plant that tree years in advance or buy a much more expensive larger tree. It is not too dissimilar to growing talent; the term ‘grow’ aptly applies when discussing team building.
Ultimately, what you are hoping to create is a continual stream of potential candidates that will be available for a multitude of possible future needs. You may have different roles you need to fill in your business. There is a difference in what this may look like for a multi-department big box store compared to a smaller, focused, or niche retailer. You may have a few levels of positions or many. Each of these factors will begin to define your succession planning process and what needs to be included. It does not change the need (although the bigger and more complex your business, the more a good succession planning process will benefit you.) But, in this case, the company’s size doesn’t matter. You’ll require a plan for your talent. Having the availability of ‘who’s next’ allows you to remain focused on your business and continue to grow others for potential future roles.
Starbucks, Walmart, and Nordstrom all have internal programs to develop their leaders. They have to. Imagine if a Walmart had to always look externally for new supervisors or managers. How about Starbucks? They have thousands of locations, some (seemingly and sometimes really) across the street from one another. If they always had to rely on outside hiring for managers, they would have never been able to support rapid growth or the number of cafés they have. That doesn’t even begin to factor in the skills and job knowledge required for those positions. They build talent pools within the organization to grow within and promote up.
One final thing I want to disclaim here is that succession planning is not just about finding your replacement. It is about finding everyone’s replacement. It is also about creating a culture where that statement is not scary or threatening. Rather, it is empowering, inspirational, aspirational, and encouraging to team members and the future that they can have within your organization. Many people seek new jobs or ‘opportunities’ because they do not exist or perceive they cannot get those ‘better’ jobs within their own organization. Don’t let that be you or your business. Foster an environment where people know they can learn and grow. A place where they can do new things and find what they are best at. Provide the support needed to master their skills and be free to use them to their fullest. That is what succession planning is all about.
In the next article, we will begin to look at how you build the plan to identify and nurture the succession planning process for your business.
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