Build your legacy with succession planning
Posted on May 08, 2017 by Faiyaz Farouk, One of Thousands of Business Coaches on Noomii.
Learn what you can today to start your exit strategy.
What is succession planning?
Succession planning focuses on the workforce planning of “key positions” which are critical at all levels to the mission of the organization. “Key positions” can include hard-to-replace senior leaders, technical, or specialized professionals or groups. When an organization has the right people, with the right mindsets and the right skills, in the right jobs, at the right time, the organization is aligned for the future. When the organization is aligned for the future, it can do more than survive; it can thrive in complexity, uncertainty, and ambiguity. Succession planning is an important tool to help insure the sustainability growing success of the enterprise.
Why is Succession planning is important to me?
It creates the context for important conversations that are ignored in day-to-day communication creating a deep exploration of what makes the organization successful Personal Core mindsets and Success-Drivers are revealed and aligned to ensure the continuous success and growth of the organization Synergy is developed within the team and between the Mentor-Leaders and the Emerging Leaders Knowledge, skills and abilities (KSAs) critical to key positions are reveled and defined for the leaders in the organization helping identify who is best suited for key positions The process encourages the exploration of the forms and functions of key positions in the organization leading to a better understanding of what needs to be done to move the organization into the future The approach fosters the co-creation of the future of the organization, tapping into the expertise and talents of both the Mentor-Leaders and the Emerging LeadersWhy is it important for me to invest my limited time into succession planning?
Participating in succession planning will reduce your anxiety over how to move forward with your life while protecting the important work that you have done for your organization You will be confident that your team members, those who are the heart and soul of your organization, will be able to see how they fit into the future of the organization. This will reduce the distractions that take so much of your time, giving this time back for your work A focus on succession planning will provide you with the satisfaction of directly mentoring and developing emerging leaders within the organization, helping build your legacy Ongoing development conversations with talented leaders of all ages creates less stress for you and makes the hard work of building a sustainable organization far more fulfilling and enjoyable An investment in succession planning allows you to schedule time to pursue dreams and ambitions that have been limited by the time constraints of leading an undeveloped teamMost organizations fail in creating the right succession because thinking of succession is like planning for your death. We all know death is unavoidable, yet a few actually prepare for it. However, lack of planning in choosing and grooming appropriate successors can result in loss of revenue during a forced transition like health or family leave or even a planned event like your retirement or termination. The business world is getting more complex today with melting pot of cultures and different generational needs. The smartest board of Directors and Executives focus on succession just as much as profits and revenue. Apart from leadership, succession planning and development is most important in “groups” that impact core functions of your organizations. An employee only holds on to a job for an average of five years today, which means your team needs to be filled with dynamic individuals and you should always be thinking of replacements.
I’d love to have a discussion with you and your team about your current strategy and planning you’ve already done on this subject. Thanks for reading, please comment and share this with others.
Faiyaz
