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Succession planning is very important to the long-term success of any company. Leadership transitions in business affect the entire organization’s continuity, employee retention, client retention, and returns on investment. It is essential to create and implement a process that creates visibility, accountability, and greater integration of all facets of the business.
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leadership came into being some time back. However, would you believe that there are some people who still don’t know what leadership is?
With the rapidly changing demographics in the workplace, especially the aging baby boomer segment, there is a real challenge to find talent for leadership roles. Companies that are able to respond proactively with strategically developed and implemented effective leadership succession plans are in a superior position in the marketplace and global economies.
Your strategic thinking business coach offers the following list of recommended strategic actions to structure a leadership succession planning process.
Strategic Action #1: Begin the succession planning process early. A period of one to three years prior to the expected departure is optimal dependent upon the leadership position. The most strategic approach is to start the planning process as soon as the new leader takes charge.
Strategic Action #2: Clearly determine and communicate the purpose, goals, and extent of the leadership succession plan or program.
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Strategic Action #3: Clearly define the desired and required qualities of the new leader. The qualities should be driven by the company’s strategic plan and its requirements.
Strategic Action #4: Develop a clearly focused leadership development strategy. This will enable potential candidates to acquire training for additional responsibility within the company.
Strategic Action #5: Develop a talent management process that will incorporate strategic thinking for specific development opportunities for future leaders. This may include mentoring and some form of coaching.
Strategic Action #6: Identify future leadership candidates by developing a system for assessing current and future leadership needs.
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Strategic Action #7: Identify a system for communicating information to ensure that the leadership succession and/or development programs are in line with strategic business needs.