Succession Planning and Strategic Talent Management can help you avoid catastrophic risks and be more competitive now and in the years ahead
By Florian Kete
Mention the word “succession planning” in a small to medium-sized company these days, and you can see the eyes roll. Most leaders these days are worried about top line revenue, and how they’re going make the most productive use of the staff they have and may not want to be distracted by planning for potential vacancies or departures.
What many fail to understand is that there’s a correlation between managing your top talent effectively, overcoming the challenges of the economic downturn, and taking your business to the next level. The “rolling eyes” is precisely the reason someone needs to take it seriously—if your leaders don’t consider it a priority, you can guarantee that no-one else will.
Knowing what to do in case your CEO or one of your key players is hit by a bus is not the only reason to go through succession planning. There are other reasons- but mainly: “It will position your company to be stronger both now and in the years ahead.”
Succession planning is an integral part of strategic planning, Actually it’s somewhat of a misnomer because it’s really an exercise in “Strategic Talent Management.” As Jim Collins detailed in his acclaimed book “Good to Great”, step one to being a great company begins by having the right people on the bus! Unfortunately what works for mammoth organizations like GE and IBM; the firms that have pioneered succession planning—does not necessarily work for smaller organizations.
Succession Planning /Strategic Talent Management for the Small to Medium-sized Business
As you embark on your own Succession Planning Project /Strategic Talent Management Project, be sure to adapt it to the nuances of your business. Take a look at your talent needs over the next 3-5 years and decide how you’re going to fill those needs.
THE TOP FIVE SUCCESSION PLANNING/STRATEGIC TALENT MANAGEMENT QUESTIONS: