Succession Planning - Getting it Right

Succession planning is a key focus for organisations across the business landscape as they strive to create a seamless transition between leaders and secure the future of their business.

Whether the organisation is family owned, a PLC or somewhere in-between, it’s imperative that a well thought through succession plan is in place. Below are some of the key factors we advise our clients to consider when it comes to succession planning.

Plan the career path

Future leaders require a clear path to walk down. Regardless of their position in the organisation, those within the succession plan should have a transparent route and understand the timescales in which they should anticipate reaching the end goal. Investing time upfront and along the way to review and re-calibrate all parties’ expectations through regular meetings will be time well spent. In addition, designing a bespoke development programme with each individual with a 360degree input will provide a clear roadmap for succession.

Hire the right people

Organisations should look far and wide for talent. The benefits to recruiting a diverse future leadership team are endless. Organisations should not be afraid to hire in individuals external of the sector who have the ability to learn the specifics of a business and sector rather than knowing them from the off. The best results will be achieved by using a single recruitment partner to ensure consistency of the messages to market and provide comparable feedback on potential hires across differing sectors.

Keep engagement high

Once the right people are onboard it’s vital that they are kept engaged with the organisation and constantly developing. This can be done by creating a bespoke development programme but also by creating an internal community and forums for them to interact.  These people will one day be running the business (if you get it right!); creating strong relationships between these individuals through peer-to-peer contact (and possibly some light competition) will undoubtedly pay off in the longer term. 

Maintain stretch

One of the most common reasons we hear for candidates leaving is the lack of “stretch” within a role. Ambitious and high potential performers will want to continuously challenge themselves and organisations need to do their best to offer this. Empowering individuals beyond their daily tasks through additional projects and exposure to more senior individuals will be well received, as will promotions when they are deserved. It is also worth exploring secondments to other parts of the business to broaden the employee’s skill base.

Overall, if you are able to attract the leaders of tomorrow then you are off to a good start. Ensuring you maintain stretch, empower them early on and create an inclusive culture will all aid in the retention and development of these new hires. However, the best plan can still go wrong if it is not flexible - any HR leader will know that when dealing with people you must expect the unexpected – so maintaining flexibility in the process and constant communication through to employees will be imperative to success.

George Dobbins is an Associate Consultant at Berwick Partners, he specialises in recruiting senior management positions across the Built Environment sector