Succession Planning: Ensuring Smooth Transitions in Executive Roles
Finding a great leader takes time, and once that great leader is identified you breathe a sigh of relief. You see the greatness of this leader as they take on the challenges of running the organization, or business area they are responsible for – they are developing talent, they are implementing great processes or service offerings, they are continuing to move the company culture forward. All great things, right? Yes!
Then comes the time for retirement, promotion, the exiting of the organization... what do you do then? If you have been thinking about this for some time, you have probably started to think about succession planning for those particular leaders/roles that you know will not be there forever. An organization that is consistently thinking about succession planning – even when a retirement or an exit seems so far away – is going to be a few steps ahead of the curve when change takes place. Developing those under your leaders is a very critical step in ensuring the long-term success of an executive leadership team.
Earlier in my career as I was seeing individuals get promoted, take on new challenges, and move "through the ranks" I was always so impressed and thought to myself, wow, I want to strive for that- the ability to master a role and be looked at as someone to take that next step within an organization. The more I thought about it throughout my career, my thought process slightly changed. I started to pay close attention to the leaders around me that were the ones calling for the promotions of those on their teams. My focus shifted to realize that I wanted to be THAT kind of leader – the kind of leader that is developing their people, putting their trust in their people to rise to the challenges presented to them, to, in essence, develop them in such a way that they are ready for the next step and one day, ready to take MY role. I saw the importance in leading that way from the leaders I encountered over the years and that has stuck with me as I have led various teams and been able to see such success and growth in those I have developed to take their next step(s). I digress – but, succession planning is THAT important.
When thinking about Succession Planning within your own Executive Leadership team, there are a few things to consider and plan for:
For a CEO Succession, true planning for this leadership change should begin as early as 2 years in advance of the anticipated change; in some cases, even longer! This also gives leadership the ample time to ensure they in fact have a potential successor and can begin/continue the development of that individual in preparation for the change.
Formal Transition plans should begin ideally 9-12 months in advance of the expected transition of all C-Level or Executive level roles within your organization. It takes time to truly put a plan into action, ensure the individual is prepared for the next step, and understand the changes this will have on the organization and the team itself.
Both the CEO and any key stakeholders (board members, investors, etc.) should take into account the current bench of eligible successors and what the impact to the organization, team, and external factors are.
When going with an internal succession plan for a key leadership role, there are many advantages given the intimate knowledge of the organization. Their deep understanding of the team, their proven track record of leadership and success, and their ability to grow truly will allow this individual to lead the organization into the next chapter of growth, innovation, and success.
Great leaders are always thinking about their teams – there is such a care for the people, the development of their people, and the ability to continue to grow the organization in which they lead. When great leaders are forward thinking, and constantly planning for what's to come, they are ensuring the organization will continue to see success and growth even after they have moved on to a new role, finally moved on to retirement, or exited the organization for another reason. If you have not been thinking about who will take your role, or another leadership role in your organization when the time comes, start thinking about that now; even if it feels far away in this moment.
If you are struggling with where to start with a succession plan, or would like to talk through what it could possibly look like for you and your organization, give us a call – we would love to share our thoughts and advise you through this exercise!
Meet the Author
Samantha Yanczak
Head of Executive Search
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