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Succession Planning - The Challenge Of Deciding The Next Generation of Leaders
How does failing to develop a suitable successor affect a leader? Well, when senior colleagues think of promoting a fellow colleague to a higher job in the hierarchy, they often ask this question: "who will take over your job?" A good leader should have a ready answer. Good leaders develop worthy successors long before they have to change jobs. In fact, a leadership that has no ready plan for a successor is often seen as a bad leadership. Bottom line.
A second reason why planning for succession is critical is . . . the profitability of the business may be jeopardized if a key member of the business suddenly leaves without a suitable successor. Executives or key people leave businesses for all kind of reasons. It can be through . . . Reason 2,3, and 4 can happen suddenly - without notice. And the business can be thrown into crisis of leadership or power tussle if there is no clear succession planning already in place and understood by all. So, as a leader, it is in your best interest and that of the business you lead to have a structured plan for replacing key players in your organization. Once you have that carefully drawn up list of the next generation of leaders in the organization, begin to mentor them through formal and informal programs (e.g. exchange program across other businesses, company locations, or oversea partners) to develop the kind of skills you expect leaders in the next cadre to exhibit. Great businesses have gone under business of leadership crisis that erupted when the key player died or suddenly left. Don't let that happen to your organization or business. It will be just pathetic.
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