What are you doing to develop your next-generation leaders?
Succession planning has never been more important than in today’s multi-generation workforce. Believe it or not, 10,0000 Baby Boomers reach retirement age every day right now. And this trend is expected to continue until 2030. That’s a lot of Baby Boomers transitioning out of the workforce who need to be replaced. Unfortunately, there are not nearly enough GenX or Millennial leaders capable of filling those shoes! So what are you doing to develop your next-generation leaders?
You’ve got a qualified next-generation leader…now what?
If you are fortunate enough to have a qualified next-gen leader somewhere amongst your ranks, you could save yourself 10s if not 100s of thousands of dollars by avoiding a costly executive search process. That next-gen leader is probably busy performing his or her own job responsibilities though, not his or her bosses’ current duties. At Plus Delta, we call that “role appropriate” behavior. To groom that next-gen leader to step up to the next level, he or she will need executive coaching. In that higher-level role, he or she will require complete self-awareness about his/her personal strengths and potential weaknesses as a leader. He or she will also require a safe and controlled environment for practicing any new leadership approaches before assuming increased responsibilities.
Success with Succession Planning
Developing your next-gen leaders is not the only key to success with succession planning though.
- Leaders in Transition – Most leaders have natural, emotional reactions to retirement. That’s why it’s critical to support them in their transitions as they plan their “third acts” in life. Your leaders still have much to offer your organization and especially their successors, so don’t get rid of them just yet!
- Transfer of Responsibilities – Before transitioning out of their current roles, leaders need to determine how best to transfer their management responsibilities to others. They need to assess both who should assume what responsibilities and when to make that final handoff.
- Leadership Engagement – If you’re dealing with a CEO succession process, your Board members need to articulate the organization’s vision for the future. They then need to define the position profile for the next CEO. For lower level leaders, it’ll be a working committee of senior leaders and probably HR rather than the Board.
- Staff Involvement – Any staff members affected by the leadership transition will want to know what to expect throughout the process. They’ll also want to know how the transition will impact them – and when…
Don’t let this critical transition point pass you by. Set a plan and stick to it to ensure the success of your succession planning!
Click here for a short and insightful article on the Succession Planning process. Or click here for a Succession Planning checklist for retiring business leaders.
