Succession planning is not just naming the new CEO. In fact, it's not about putting a name behind a title at all. That is called replacement planning. And when it is only used during times of crisis - when a company must name somebody to fill a vacant role quickly - that’s not succession planning either. That is crisis management.
The goal of succession planning is to continuously identify and develop high-performers capable of meeting the present and future needs of the organization. It should include a formal identification process supported by leadership development that builds leadership capacity within the organization.
Organizations are only as strong as their leaders. High-performing organizations make leadership development, at all levels, a top priority. So how does your organization shape up? Which of the top best practices from high-performance companies is being used in your organization to develop leaders? Which of these practices should you consider adopting to develop your future leaders?
We are finally coming out of an incredibly challenging and stressful pandemic year and moving into a still uncertain 2022! Life and the workplace have changed and will continue to change. What will the new normal be like?
For most organizations and their leaders, the new normal is and will continue to evolve for some time. So, why be concerned with succession planning when you, as a human resource or senior or line manager have so many other problems to deal with?
The reason is that the pandemic had created massive challenges for every organization- big and small. And effective leadership will be more crucial than ever for your organization to thrive in this new normal. Therefore, best-practice organizations utilize succession planning to not only prepare for potential leadership challenges, but also rely on such plans to develop and maintain the strong leadership that is required to grow and keep pace with changes in their business, industry, and the overall marketplace.
The heart of succession planning is to identify and build your future leadership at all levels. Through your succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement into ever more challenging roles. This will guarantee that you have a strong leadership bench on hand to quickly fill the new or vacated roles as well as deal with the unexpected challenges that can occur during this new normal.
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