The Protect IU Blog
Is your succession plan a bust?
Succession planning isn’t just the act of naming a replacement for a position or as simple as placing a title behind somebody’s name. That’s referred to as replacement planning. Many organizations lack a true formal succession plan. For those that have one, it’s often outdated. Unfortunately, most organizations do not look at succession planning unless it’s during times of crisis as part of their crisis management process. In fact, organizations often don’t have a definition for what a leader is, therefore restricting the organization’s ability to know how many leaders are needed or what qualifications are necessary.
In order to build a true succession plan, the organization needs to realistically project the future and identify gaps, or risks, that will cause potentially harmful events or a digression away from the organization’s goals and objectives. By reviewing viable candidates, a comparison of future needs vs. candidate strengths will assist in determining if a lack of proper candidates exists. In addition, the organization may be lacking in future leaders. If this is the case, and based on the organization’s policy, it might be beneficial to externally identify a successor. Ultimately, the deeper the talent pool, the more likely a proper successor is available.
Whether the successor is identified within the organization or externally, it’s vital to begin grooming them for the organization’s current needs and future directions. For example, one widely accepted concept is to use a mentoring and coaching program to train future leaders. This will reduce the inherent risk that crisis management replacements place on an organization during unexpected events or a swift cause for change in leadership.
For more information, click here: http://businessjournal.gallup.com/content/154856/Succession-Plan-Bust.aspx.
Ryan Chizum is a Risk Management Analyst for IU's Public Safety and Institutional Assurance.