Succession planning has usually been restricted to one replacement at a specific period of time. The need of replacing a retiring CEO or contingency planning needed to abide by regulator expectations. This exemplifies the fact that the timing of the planning and its subsequent implementation is just as important as the decisions themselves.
Without early and thorough planning, hiring decisions are framed by an old job description. This has the tendency to take the form of cloning the outgoing CEO and it is a process so narrow in focus that it cannot be applied going forward as additional C-level successors need to be identified.
Because at the very heart of succession lies the greatest opportunity for the future of your organization; a constant progression of leadership. It is an opportunity to plan your leaders – not just your balance sheet.
Succession Planning is not a once-and-done process. A high-performing Succession Plan is based on how the institution’s strategic objectives are clearly identified, defined and developed into a firm tactical plan tailored to match the individuals, now and into the future, to accomplish them. A well-thought-out, documented and executed Succession Plan can create:
· Increased efficiencies
· Lower/reduced net overhead
· Improved training, hiring, retention and compensation guidelines (a leaner organization)
· A balance of information control and micromanagement
· A seamless transition due to promotion, retirement, and temporary absence