While Succession Planning for your business may seem a distant and tedious necessity—it is a necessity, nonetheless. The CEO of any organization must plan for the next generation of leaders to carry the business forward, without great upheaval.
Current leaders must identify, well ahead of time, those persons who have the potential to succeed current members of the Leadership Team. And current leadership team members must have some level of confidence in those identified so that they will provide the up-and-coming leaders with the autonomy and flexibility to take on new responsibilities.
However, as you do all of this planning in the background, don’t forget to convey your confidence and discuss your succession plan thinking with the potential up-and-coming leaders. If they know what you have in mind, they will be able to consider and then express their interest in taking on more responsibility, understand why they are being tasked with new duties, and likely think much harder about taking an opportunity with another company knowing the potential future opportunity that may be awaiting them.
Identifying and nurturing qualified successors will determine whether an organization continues to operate smoothly or begins to sputter and stall under newly-selected leaders.