In many well-established companies, it is important to consider the future of senior officers who are approaching retirement. Questions arise: What will happen when they leave? Who will take their place? Unfortunately, many companies lack a proper succession planning program. To address this issue, we consulted with Dennis Areño for guidance on what can be done in the absence of a plan. Here are his suggestions:
One option is to create your own succession plan. Start by considering how the company would adapt to the rapidly changing business environment. How can the next generation of officers align with the company’s mission, vision, and values? Also, think about the roles of current department heads as they pass on their responsibilities to successors. These are the initial steps to take.
It’s important to note that succession planning goes beyond simply finding a replacement. The program should focus on preparing potential successors for their future roles. Finding the right candidates for succession is already a challenge, but preparing them and realizing they may not be suitable later on can make the process even harder. There’s also the possibility that a successor, after receiving all the knowledge and guidance, might decide to leave the company for another opportunity, which can be discouraging for the department head who invested time and effort into the program. That’s why it’s crucial to have alternative choices in mind.
Specific eligibility criteria should be established for selecting successor candidates, and a development plan should be created for each identified candidate profile. Behavioral skills should also be considered for both incumbent department heads and potential successors. In the plan, incumbent department heads should demonstrate care and motivation towards their successors, encouraging them to strive for higher positions. This care is essential to retain successors even when other opportunities arise.
The process of finding the right people to succeed is detailed and requires careful planning. Competence, character, and above all, loyalty, are all important factors to consider. It’s never too late to start identifying potential candidates, and now is the best time to begin reviewing your roster.
If you are interested in learning more about succession planning, Dennis Areño will be facilitating a virtual workshop titled “Succession Planning: Ensuring Continuity and Success in the Organization” on Aug. 22–23. This eight-hour workshop will help leaders develop a plan to ensure leadership continuity. The workshop can also be customized to meet the specific needs of your organization. Contact us at [email protected] or send an SMS to 0919-3428667 and 0998-9641731 for more information.
If you have other learning needs, Inquirer Academy can assist you in designing and facilitating virtual workshops, webinars, or self-paced online courses for your organization.
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