National Association of Mutual Insurance Companies

Print | ShareThis

Making Your Succession Plan Work

Now that you’ve been given a case for succession planning and key steps to defining your succession plan strategy, there are some things you need to watch out for and make sure to do to make your organization’s succession plan work.

When developing your succession plan, make sure you avoid these pitfalls:

  • No Communication/Unclear Communication
    Communicate clearly with all parties involved in the succession planning process, including reviewing managers, those in key positions covered by the plan, and employees that you are grooming for leadership roles. Open lines of communication will encourage full participation by all involved parties and will help retain top employees because they will feel more comfortable with their current positions if they know they are being prepared for higher roles.
  • Lack of Written Plans
    Possession of a formal plan for each potential leader and every key position will help ensure the success of your succession plan.
  • Rigid Plans
    Just like your succession plan is specific to your company, your development plans should be tailored to each potential leader and should allow for changes as employees progress or as the business world changes causing new key attributes for positions outlined in your plan.
  • Too Much Time Elapses Before Real Movement
    Actions speak louder than words. If you wait too long before showing employees movement, they may leave the company for outside career opportunities.
  • Unqualified Potentials
    Choosing qualified and motivated employees for inclusion in the development aspect of your succession plan is vital to your success.

And keep these things in mind in order to make your strategy work.

  • Commitment
    Commit to succession planning and ensure your team’s dedication to the strategy by involving them and communicating with them throughout the process.
  • Persistence
    Continually address the issue. At the beginning of the year, put succession planning meetings on the agenda either annually, semi-annually, or quarterly, depending on your company’s specific needs.
  • Open-mindedness
    Keep your options open. You are judging employees on the potential they have, not their current strengths. The purpose of planning is to further develop potential successors into the executives that you will need in the future.
  • Strength in Numbers
    Don’t put all your eggs in one basket. Choose multiple successors for each key role. Create a deep talent pool from which you can choose when the need arises.
  • Mentor Mentality
    Your current leaders should make an effort to become mentors to their potential successors. By getting to know these employees more extensively, they can better judge what developmental steps are needed.
  • Assessment
    Regularly evaluate your succession strategy’s progress, as well as your developmental strategies’ progressions, and make adjustments as necessary.

If you still are not convinced that your organization should invest the time and money in developing a strategic succession plan, ask yourself these questions – they might change your mind:

  • Do you believe in creating a will so your family and estate are taken care of should anything happen to you?
  • Without a succession plan in place, how will your organization develop and grow its own talent?
  • How can you ensure that you have strong and capable leaders to take over when the current generation retires?
  • How can you plan for the future without knowing that your company will have the talented employees required to fill critical leadership posts that will maintain and grow your organization?

(Reprinted with permission from the Jacobson Executive Search Succession Planning newsletter. www.jacobsononline.com)

Posted: Friday, January 25, 2008 12:00:00 AM. Modified: Friday, January 25, 2008 11:23:32 AM.

Salary Survey: Discounts for Participation & Membership

(317) 875-5250 - Indianapolis | (202) 628-1558 - Washington, D.C.