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Employers - Have you got a Succession Plan in place?

Here are some ways to minimise the disruption caused by a change in your leadership team

As much as we would like to believe that our management team will stick around forever, this is not realistic. Like all of us, professionals in leadership positions also need new challenges and in time will ultimately move on for a number or reasons; new opportunities, career progression, relocation, retirement and even ill health.

A Succession Plan is a process of identifying and developing new leaders for key management positions within your organisation in the event of the current incumbents’ departure.

Whilst a change in leadership can bring with it positive change, if it’s not handled correctly it can become a major organisational crisis. 

This is where having a Succession Plan in place will minimise the disruption of a change - AND in the process, create a positive feeling among your future leaders that they are valued and that real career prospects exist for them within the organisation.

Below are some tips to consider when creating a Succession Plan;

1. Start well in advance

2-5 years to ensure a smooth transition when the time arises

2. Identify potential successors who display leadership qualities

Consider that you may need multiple successors – to fill gaps as employees move up into their new positions.

3. Train & Educate

Begin including potential successors into meetings & planning sessions. Identify gaps in their experience & begin training & further educating if needed.

4. Create strategies for the following areas;

Operational Strategies - Responsibilities, employee contracts, work agreements, key suppliers, customers, work place procedures & equipment etc.
 

Financial Strategies – Financial & tax implications of succession, insurance policies held etc
 

Legal Strategies - Change or transfer any entities, registrations, licences or permits etc.
 

Recruitment Strategies – Consider positions that may need to be recruited for e

5. Trial run 

A great time to test your successors’ suitability and progress is during times of annual leave in the leadership teams.

6. Review regularly 

Best laid plans can often fall by the wayside!

 

A thorough and well executed Succession Plan will ensure your business transitions smoothly to the new leadership team. 

Kristi Gomm

Tags: Employer

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About the Author

Kristi Gomm

Kristi has been a member of the inPlace Recruitment team since 2001. Kristi has established excellent relationships with our clients and she brings a wealth of recruitment knowledge and experience to her role as well as over 15 years travel industry experience. In 2014 she moved into a Marketing position and is now the Marketing Manager at inPlace giving Kristi a chance to put her creative talents to good use.