Succession Planning- Tip #1- it’s never too early to begin planning!
At Key Corporate Services, we have a lot of experience in hiring C-level (CEO, CFO, COO, CMO) candidates for companies. Time and time again, we’re reminded by companies how critically important it is that just the “right” person is found for those key positions. Many times, the decision is made that, internally, there simply isn’t a “right” candidate”. That’s often when the company turns to us to find a C-level candidate that fills the need.
About 70 percent of companies say they participate in some form of succession planning. However, 62 percent also report having too few candidates for organizational needs, and a third of organizations report no succession plan at all.
An effective succession plan benefits the organization and its employees by identifying the current and future needs of the organization, identifying top performers and leaders, and assisting in employee development.
The heart of succession planning is the evaluation of employees’ performance and potential. In doing this, you must ask these two questions:
1. How is the employee being perceived?
It’s important to know how they interact with others. Do they demonstrate leadership skills and confidence in the workplace? To gain this valuable information, it’s important to look at employees through the eyes of their coworkers and leaders
2. What are the employee’s unique characteristics?
Any candidate being considered for succession planning needs to be evaluated on both past performance and “what they bring to the table” in the way of behaviors, motivations, interests, and values. What makes them tick? Are they capable of working under more pressure? Will they be engaged by a role at a different level? How quickly can they assimilate into a new position? At Key Corporate Services, we use a “behavioral interviewing” process to arrive at these answers.
At Key Corporate Services, we’re often asked by companies to assist in their succession planning process. In fourteen years, we’ve become very experienced at filling C-level positions.
If you are a company looking to fill a “key” position, give us a call. We can help.
From The Key Corporate Services Blog Team