Does Your Company Have A Leadership Development Plan?

4 things that should not be ignored

Succession planning is one of those topics that can be easily pushed off but most definitely should not be. Many successful, cutting-edge organizations are so busy living in the present that they aren’t fully thinking about the future until an unexpected change happens.
 
The long-term success of an organization heavily depends on consistently having the right people leading the organization with competence and confidence. Succession planning allows organizations to plan for their future by identifying and developing new leaders now who will ensure success in transitional times. When you really boil it down, the quality of any organization’s output is directly related to the quality of its leadership.
 

In today’s fast-paced, competitive, and constantly evolving marketplace, succession planning should be non-negotiable for organizations that want to not only survive but thrive in their future. There are a few reasons for this. First, a generational shift began in 2015, as the millennial population overtook the number of baby boomers in the workforce. As more baby boomers leave their leadership positions and retire, organizations will be tasked with filling those vacancies. Second, when change happens today, it happens blindingly fast and has little mercy for those who cannot keep up. Organizations will do best if they have leaders ready in the wings to effectively lead through these changes.
 

When an executive, manager, or team leader moves on or transitions to a new role, the gap must be filled quickly and smoothly. Failure to plan for this can have significant impact on the business, with problems such as turnover, lack of continuity in teams, and losses in productivity. To conquer even the most challenging changes, organizations should be able to rely on strong leadership from HR to ensure that the plan will be successful.

Human Resources will be required to:
 

 

4 Things That Should Not Be Overlooked During Succession Planning

1. Creation of Leadership Profiles

Organizations that determine the values of their leaders—the standards that influence the thoughts and behaviors of others—right out of the gates are beginning their succession planning on the right foot. From there it will be important to decide the skills, thoughts, behaviors, and actions that individual leaders need to do their jobs effectively. Keep in mind that succession planning starts at the top of an organization and works its way down.

Use your organization’s values and competency framework as a guideline for leadership development, for performance evaluations, and in the selection of key successors.
 

2. The Importance of Starting Early to Create a Clear Path for Growth

This is particularly important because in a recent survey, employees who were planning to switch companies cited a lack of career progress and a lack of challenge in their jobs as the two top factors influencing decisions regarding their career. By starting early and establishing a leadership journey for your organization, from individual contributors to the executive team, you are setting everyone up for success. Also, those who will truly benefit from this are identified as high-potential employees who need to be developed as leaders. It needs to be clear to these employees that they have a future in leadership at the organization and that there is a clear career growth path for them to follow.
 

3. Plans for Leadership at All Levels

A common mistake made in many organizations is focusing too much on executive succession planning and not enough on leadership positions at every level. Losing a knowledgeable supervisor with strong relationships and developed skills can have just as severe an impact on the business as a retiring CFO. A succession plan that addresses more than just the C-suite is the key to maintaining successful leadership throughout the organization.
 

4. Measurement That Informs Your Succession Plans

When evaluating the ROI of succession planning initiatives, the focus should be on the outcome or benefit of preparing and planning for future leadership. The goal of leadership development should always be to maximize the potential outcomes. So, when a leadership development plan is too rigid and does not account for individual strengths and weaknesses, it could impede plans. While there is no one-size-fits-all solution to succession planning, it is the responsibility of leaders, in partnership with HR, to consider skills and capabilities beyond the predetermined performance criteria for each position.
 
Succession planning means that organizations have a well-thought-out strategy in place to develop leaders’ competency and character to suit the needs of the organization, from individual contributors all the way up to the executive team. Moreover, by identifying high-potential future leaders, organizations take steps to ensure their success long into the future by keeping the succession pipeline full and ensuring that leaders are set up for success when the time comes to step into positions of leadership.

Author Bio

John Wright is the President of Leadership Development and Learning Events for Eagle's Flight. Since 1991, John has acquired extensive experience in the design and delivery of a diverse portfolio of programs and is considered a valued partner to many executive teams. His insight and experience enable him to effectively diagnose, design, and implement complex culture change initiatives in a collaborative and engaging manner. Moreover, John's experience in global implementations allows him to draw from a deep well of history to create unique and customized solutions. John's passion for developing people makes him a sought after speaker, partner and coach. Connect John Wright Visit www.eaglesflight.com