Succession Planning-Tip#4- Five Simple Succession Planning questions
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The importance of a smooth succession planning transaction is evident in the role it played at APPLE Computers. In 2011, with his health failing, Steve Jobs recommended to the board the implementation of succession planning through the calculated, smooth transition of executive power to Tim Cook. This transfer of leadership enabled Apple to remain the dominant force in the industry today.
For any company, the consequences of failing to plan for succession of a CEO should be obvious. They cannot afford to fail in this responsibility.
Middle management levels, however, are often overlooked with disastrous consequences.
Look around your office and ask yourself these questions:
- How many of the people doing middle management work are 50 or over?
- How long will they be with you?
- Who will replace them?
- How will you identify the replacements?
- What will you need to do to prepare them?
An assessment and development program put in place now may head off a real crisis in leadership five years down the road. Mentoring programs—using senior workers to help bring newer workers up to higher levels in skill and responsibility—are increasingly popular, but mentors must be carefully selected and trained in the art of mentoring.
Companies should identify “non-core competencies” that can be outsourced. Then, focus only on those “core competencies” of retention, skill development, and succession planning. These areas of focus offer unique competitive advantage.
One or more of these approaches may be right for your business. Change is coming, ready or not!
At Key Corporate Services, we specialize in recruiting those C-level executives critical to succession planning.
Let us partner with you in succession planning.
From The Key Corporate Services Blog Team