Time for a mindset shift: Succession will always be imperfect
There’s a perception that a single path to preparing for succession in an organization will lead to success, and that if you haven’t followed a specific method or set of best practices, you’re not getting it right. That’s a lot of pressure.
Well, we will let you in on a secret.
When it comes to planning and developing talent for succession, there is no one-size-fits-all solution. Every organization has different needs and envisions a different future for themselves.
Preparing for succession is critically important, but the process is, and should be, flexible.
When is a good time to be thinking about succession?
- There is an anticipated leadership turnover or vacancy in an executive role;
- A new organizational strategy has been established, requiring different skills to achieve it; or
- HR leaders are looking for a new approach to make talent decisions.
Regardless of the starting point, succession conversations always begin with a thorough exploration of each organization’s situation: where are they in their journey, and what they worry about from future talent perspective.
We encourage organizations to keep four principles in mind during their succession process:
- Succession is foresight, not hindsight;
- Organizational talent is a shared resource;
- You need to know the talent you have and need; and
- Succession is not only about successors.
Ultimately the goal is to identify the right people for the right roles and to keep your strong performers engaged. This means looking to the future rather than to the past and treating talent as a shared resource across the organization. It means developing a complete picture of the talent you have and where your gaps lie and remembering not to focus solely on the successful candidates.