Awesome Associate “Bench Strength” + A Sound Succession Plan = Successful Firm Perpetuation

Awesome Associate “Bench Strength” + A Sound Succession Plan = Successful Firm Perpetuation

By: Gary K. Pino, FMP Over the past few years, our Firm has been kicking around the development of a Succession Plan.  After our IDO Incorporated Leadership Team attended Aileron’s Senior Executive Course this past year, and affirmed the importance of creating and initiating a Succession Plan, we are all systems go and plugging away with getting our Firm’s Succession Plan off the ground. By definition, “Succession planning is a pro-active process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.” Through research and in dealing with our corporate consultant, once your top talent has been identified, it’s paramount to employ a sense of urgency in moving forward.  Without giving away our Firm’s specific game plan, and to keep this as generic as possible, various Succession Plan phases must be initiated to kick off the beginnings of a successful Succession Plan.  One very key element of any positive and fruitful Succession Plan is that it “must be part of the leadership culture to be effective.” With the purpose and/or intention of filling mission critical managerial roles within a company, Succession Planning is a process where we, as a Leadership Team:

  • Continuously develop the high potential Associates’ knowledge, skills, and abilities,
  • Prepare them for advancement into even more challenging roles.

Executing a sound Succession Plan, guarantees that the identified Succession Plan Associates, AKA “Bench Strength,” are constantly being developed to fill open spots as a result of the loss of crucially held positions, organizational expansion, general promotional opportunities, and/or substantial increases in sales.  In summary, a sound Succession Plan ensures that you have Associates waiting in the wings, to fill new roles at ANY GIVEN TIME, so there’s no speedbumps or obstacles keeping your organization from maintaining momentum – without a hitch. Finally, researchers found that clear objectives are critical to establishing effective Succession Planning.  These objectives tend to be core to most of the companies that have well-established Succession Plan best practices:

  • Identify those with the potential to assume greater responsibility in the organization
  • Provide critical development experiences to those that can move into key roles
  • Engage the leadership in supporting the development of high-potential leaders
  • Improve employee commitment and retention
  • Meet the career development expectations of existing employees
  • Counter the increasing difficulty and costs of recruiting employees externally

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