“Do you have at least TWO people ready to take over your job if something happens to you? What about the other critical roles in your organization? Is there someone identified that can take over when someone retires or leaves so as to ensure the continuity and growth of the business? On the lighter side, are you able to take a month vacation without even checking your work emails while you are having fun with your loved ones?”
Many CEOs, Entrepreneurs and Senior Executives spend so much time focusing on monthly and quarterly results that they neglected one of the most important aspect which is creating a pipeline of leaders.
I remember coaching a CEO of a Management Consulting firm who is clearly over-whelmed by the amount of workload. He was heavily involved in operational matters because he does not have a team of capable leaders that he can groom and delegate most of his day-to-day activities that took him away from being a CEO and a leader.
The answer is succession planning – but we are not talking about a one-time event to plan successors for each role. Instead, you need to have an ongoing process, weaved into your culture, one that constantly identify critical roles for succession planning, assess staff and select high potential candidates, develop and prepare them to assume senior positions as they become available.
Beacon serves as an objective resource to assess your leadership, and then work with you to ensure that your organization has this pipeline of leaders in place. Once this happens, the benefits are tremendous for Business owners and CEOs:
• Company growth
As your company grows and provides more services, you have people who are ready to step into new roles that help the organization grow and expand.
• More time for Strategic Planning
With a few capable leaders under you who you can trust and delegate, you have more work-life balance and time to reflect on strategic issues.
• Employee retention and improved morale
Employee loyalty starts with employer loyalty. When employee know that the organisation has future plans for them to succeed within the company, they will be more committed to the company. As people have more opportunity to move up, it will help to boost their self-esteem and they feel valued as an employee.
• Attract top talents
Your company becomes a magnet for top talent, because prospective employees want to join a company that gives opportunities for development and advancement.
• Better performance
Through succession planning, the skill set, experience and development opportunities are identified and the organisation can help employees get ready for their progression when the next job opportunity arises. This results in increased productivity and helps to improve their work performance.
Find out whether your organization follows the best practices of succession planning and developing a pipeline of leaders. Take our free assessment by clicking here, or contact us at anytime at firstname.lastname@example.org