Developing the future generation of leaders and creating a robust succession plan are two elements that businesses consistently struggle to do effectively. Businesses that do these aspects well typically create a happy and productive culture that is led by knowledgeable, empathetic leaders that are masters at starting and maintaining long-term relationships.
Developing the next generation of leaders requires openness and a willingness to continuously learn, build self-awareness and deliver with compassion. Successful leadership all starts with the relationship the leader has with themselves. In turn, the leaders become more self-confident which improves the relationships they have with their teams and other parts of the business.
Take a look at what some of our own insight as well as third-party data says about leadership succession planning:
Leadership for us as an organisation is all about leaving your ego at the door, it’s about inspiring and motivating your teams and colleagues across the business to join you on the journey and help innovate and create the future of the business.
The implementation of an effective succession planning methodology would allow for;
- The creation of a more diverse group, using unbiased identification throughout all levels of the organisation.
- Better informed decision-making around promotions internally.
- Identification of skills gaps to create a focused personal development plan.
- The creation of a talent pipeline/bank.
- Greater employee engagement and better employee experience.
- Greater retention of employees due to recognition through the talent pipeline.
- A stronger organisational culture.
- A workforce better prepared to face changing market pressures gives greater organisational resilience.
Some of the main reasons organisations find this difficult are;
- The process is long-term and inflexible, so it does not address the fact the world is changing at a faster pace.
- It can be destabilising to the current C suite. Looking for successors can be seen as an imminent threat.
- Having little clarity or agreement as to who is ultimately accountable for succession planning within an organisation.
Find out more about our services to help with your leadership development and succession planning; including the Vibe 360 feedback platform, Vibe HR strategic people assessment as well as our range of leadership development coaching courses.