Succession Planning: What Happens Next?
Identifying a successor to a C-suite position isn’t an easy decision; it requires a lot of thought and consideration. Succession should never be about the “right” to a promotion. Instead, promotions should be reserved for those who have demonstrated the desire and ability to move your organization forward.
But identifying the right candidate for succession is only part of the equation for continued organizational growth and success. All the legwork of interviewing and assessing impressive-on-paper candidates will be for naught if your new CEO doesn’t have the right tools, skills, and relationships.
Harvard Business Review suggests “most new leaders fail not because their financial or operational abilities are inadequate but because their style or political skills render them unprepared to manage the organization’s culture. Helping new leaders understand [your] culture and improve their “soft skills” to successfully navigate it may be the best way to increase their chances of success.”
How do you draft a blueprint that will help your newly minted executive — and your organization — make a successful transition?
Your Board, talent management leadership, and even outgoing executives are all valuable resources who can counsel your new CEO. Executive coaching, stakeholder feedback, and other leadership development opportunities can also provide the individual with observations that provide greater insight into the behavior required for success.
Just remember that the transfer of power is only the beginning of any successful succession.