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Succession Planning
Ron Browne • October 15, 2020
Board and Management all need to plan succession...
I bet you've never thought much about succession planning before, but it is something smart businesses think about all the time, for both staff and the board.
Board Succession Planning
is a critical process that should be lead by the Chair. Ask the question regularly of directors "Who is planning to step down from the board?" and if you get a positive response i.e. someone wants to step down, then ask "When are you planning to step down?". This will maximise the lead time you have to find a replacement director, rather than scrambling to find someone due to an unexpected retirement.
Make use of a skills or diversity matrix so that you know what skills and diversity you currently have on your board. This will guide both training needs for the board, as well as assisting in the search for replacement directors when someone steps down - you know which skills or diverse experience you are losing.
If you have people on advisory committees, they are always a great pool of talent to work with when identifying suitable replacement directors - they already have a good idea of how a board/committee operates.
Staff Succession Planning
is something that all smart managers engage in on a continuous basis. Smart managers, whether the CEO or a middle manager, understand that they need to be developing their own replacement. They may want to move on to the next level, or another business, so identifying and mentoring the person most likely to succeed them, is the best way to ensure continuity in the business.
Once again, a skills matrix is a critical tool for success, as it allows the senior manager the ability to provide the right training for the successor(s) based on the skill set the individual(s) has (have) and the ones they need to make the successful transition up the ladder.
When should you start?
Yesterday of course....but seriously, now is the time to commence the succession planning process. In the board room, make it an agenda item once per quarter and ensure you complete the Diversity Matrix as soon as possible. In line management, start today - get the skills assessment done and utilise the results to possibly re-structure your team, to put people into jobs that better suit their skills.
Use the results to develop a better Learning & Development plan (and budget) for the staff to develop the right skills in staff to move up the ladder when opportunities present. And it is a great way to motivate staff when they can see a future for themselves in the organisation, through a career path plan that succession planning can help create.
Ask Extrapreneur Services about how they can help you achieve a simple to implement succession planning process for your board and staff.
Article written by Ron Browne, Managing Consultant, Extrapreneur Services
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