‘Succession’: Separating TV Drama From Business Reality

L&D’s role in developing future leaders

 

The acclaimed TV series “Succession,” which walked away with a slew of awards at the recent Golden Globes, is a riveting portrayal of a media conglomerate’s internal power struggles and family dynamics. It makes compelling “must-watch” television but it is far from a realistic or advisable template for successful corporate succession planning.

Unlike the chaotic, personality-driven decision-making depicted in the show (never mind the double-dealing and backstabbing!) succession in the real-world corporate environment must be a systematic and forward-thinking process.

Robust succession planning is essential for businesses to grow and thrive in the long haul. It mitigates the risk associated with sudden leadership vacancies, maintains a leadership pipeline to ensure continuity, and by developing internal talent increases morale and reduces turnover.

Employers and employees agree on its importance. In a Talexes study, 94% of employers said a succession plan positively impacts their employees’ engagement levels, and 90% of workers aged 18 to 34 agreed that having a clear plan in place would make them more engaged.

However, Deloitte research found that while 86% of leaders believe leadership succession planning is an “urgent” or “important” priority, only 14% believe they do it well. Reasons cited include the length of time it takes to see results compared with the general pace of business, the fact that it can seem threatening to insecure executives, and quite simply that most business leaders don’t know how to go about doing it.

How does true succession stack up against the TV version and what do you need to do to implement a smooth continuity process?

The last thing you want when you’re succession planning is the kind of impulsiveness and personal conflicts portrayed on the TV screen. Such chaos (though entertaining) is neither sustainable nor advisable. Effective succession planning is an orderly process grounded in assessing leadership skills, potential, and a clear alignment with the company’s mission and values.

Decisions in “Succession” are often influenced by the family dynamics in which siblings are set against each other. And then decisions are changed, creating great uncertainty. Corporate success planning involves a methodical approach often laid out years in advance. Up-and-coming leaders are identified based on their abilities and leadership skills and nurtured to higher levels. Studies show that external hires for senior positions are much more likely to fail and at a much greater cost than internal hires.

The key executives in “Succession” are more focused on power plays than the long-term health of the company and often don’t seem well-prepared for their roles. When a company has a structured succession plan in place there’s less room for conflict and the upcoming leadership is well-versed in their responsibilities.

In the TV drama so much wheeling and dealing is conducted behind closed doors (or in the cabin of an executive jet) which is the opposite of what’s required: transparency. In reality, the selection of future leaders is typically a clearly visible process involving boards of directors and HR professionals and is based on clearly defined criteria and competencies.

L&D has a significant contribution to any succession plan in numerous ways. For example:

Identifying Talent: Someone needs to identify the rising talent that will become the leaders of tomorrow. The L&D team works in conjunction with current leaders to spot those with potential.

Tailored Development Programs: Once the candidates are selected the L&D team becomes pivotal in creating and delivering the specific learning content that is necessary for employees to acquire the skills for their future roles. advancement. One-size-fits-all does not cut it—and companies probably need the expertise of outside consultants.

Mentoring and Coaching: Experienced leaders must share their knowledge and hands-on experience with those being groomed for higher positions, fostering a continuous culture of learning and growth.

Performance Management: L&D helps conduct ongoing assessments of performance to ensure that potential leaders are making progress. Evaluate their capabilities using psychometric tests, feedback from senior managers, and performance data.

Leadership Training: In addition to mentoring, L&D must establish a variety of training programs devoted to leadership skills such as strategic thinking, decision-making, and people management.

Experiential Learning: L&D should include real-world experience with various projects in different departments, so a leader has a better understanding of all aspects of the business.

Good succession planning requires thinking three steps ahead and not being complacent when the business is running smoothly. Companies need to have the right learning and development structure in place to enable their business to grow- and make it a business priority not just a program to tick the box. You need to be prepared for an orderly transition especially if unforeseen circumstances force a change in leadership so that there is no disruption in business.

HR and L&D heads should consider bringing outside consultants on board to help create and train an effective leadership pipeline

Jason Richmond serves as the CEO and Chief Culture Officer at Ideal Outcomes, Inc.