In a famous scene from Monty Python’s Holy Grail, a King brings his dimwitted son over to the window, and gesturing to the vast kingdom states “Someday all this will be yours.” To which the son replies, “What? The curtains?”
In a nutshell, this demonstrates the need – and hazards – of succession planning.
Top executives must create a sustainable, viable succession planning system that gives employees a clear path and knowledge of what is expected of them. The system must also include a mentoring program to groom those with potential for top positions and also ensure that the best candidates rise to the top of the list.
A good succession planning program is a great retention tool because it sets realistic expectations and goals for the best and the brightest. This path to the top can sustain retention even through tough times because it provides incentives to achieve while competitors drop by the wayside.
For executives, succession planning is more than making a list. It requires the time and commitment to train and mentor potential successors so that they can grow and sustain the organization when they reach the top. History is full of empires that fell after a strong ruler was replaced by weak heirs or squabbling pretenders to the throne.
Talent needs nurturing.
The nurturing effort is an effective winnowing process where the most talented and able will rise to the top.
Overseers of this process must take care to distinguish political acumen from political exploitation. It is very important to separate those who know how to “play the game” and those who can win through true leadership ability. For this reason, it is important to have an open list that allows any qualified candidate to enter the process. It is also crucial to guard against favoritism and create a solid process that prevents circumnavigation.
Running a viable succession planning process is not an easy task.
It requires that top executives agree on criteria. It requires a commitment of time, effort, and resources to run an effective mentoring program. It also means that someone has to have those uncomfortable conversations with aspirants who do not make the grade. However, the end result is ongoing organizational leadership that will advance the abilities and reputation of the firm.
Final thought: While the near-term commitment of resources — mostly time — to ensure succession planning is successful can be enormous, over time relative resource investment lessens because promoting better leaders will have a positive impact on productivity, quality, and the bottom line.
Where to start? Confused? Have no clue?
We can help. Download our 7 Steps to Successful Succession Planning. You’ll learn the steps and we outline where to begin.
And included is a worksheet to record your thoughts and ideas.
