Look over your shoulder to be sure someone’s following you. - Henry Gilmer
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Succession planning is essential 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. Creating and implementing a process that creates visibility, accountability, and greater integration of all business sides is essential.
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Leadership came into being a time back. However, would you believe that some people still do not know what a leader is?
With the rapidly changing demographics in the workplace, especially the aging baby boomer segment, finding leadership talent is challenging. Companies that can 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 recommended strategies to structure a leadership succession planning process.
Strategic Action #1: Begin the succession planning process early. A period of one to three years before the expected departure is best, depending on the leadership position. The most strategic approach is to start the planning process as soon as the new leader takes charge.
Strategic Action #2: Decide 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 needed qualities of the new leader. The company’s strategic plan and requirements should drive the rates.
Strategic Action #4: Develop a focused leadership development strategy. This will enable potential candidates to buy training for added 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 a form of coaching.
Strategic Action #6: Find future leadership candidates by developing a system for assessing current and future leadership needs.
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Strategic Action #7: Find a system for communicating information to ensure that the leadership succession and development programs align with strategic business needs.
Your strategic thinking business coach encourages you to use strategic thinking in developing leadership succession plans.