Succession planning
Succession planning – continuing effective performance of an organization by making provisions to replace key people over time – should never be an afterthought when considering the operational structure of a company. Good succession planning should begin with hiring; it's key to ensuring business strength and growth. Here are three points to keep in mind as you consider your successor.
Know that the lack of a good successor could hinder your career path. Leaders who insist on becoming indispensable, controlling all decisions and hiring marginal talent may be passed over for promotion. “I see executives who hire good people but they do not hire individuals strong enough to be the executive's replacement … Executives need to empower, trust and build competent leaders,” writes Kimberly Whitler at Forbes.com, or risk staying in the same position.
Don't be a rescuer. A rescuer is a term used by succession planning expert Marshall Goldsmith to describe executives who can't spot a coachable potential successor. “Rescuers tend to see the good in everybody and think every employee can be resuscitated,” he tells Forbes.com. “An executive who believes in loyalty and sometimes will invest too much in people he deems loyal to him, when in fact, they may not have the full complement of skills needed to stay in their role,” making it difficult to elevate the right talent.
Pair your successor with a mentor. A mentor-mentee relationship is key in professional development; it will bring your successor a new perspective and valuable wisdom. The mentor could be someone who is already a member of your team or someone from the inside, says David Ciambella at SeekingSuccession.com. “Mentors willingly share their knowledge, wisdom and experience as well as provide impartial advice on issues your successor may encounter,” he writes.
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