Many companies still have no real plan of succession for their key managers. Very often their attitude to this topic is extremely reactive. Yet according to the mckinsey.com website, it is important managers be active and take part in selecting and developing their potential successors.
Departure of old managers should be no surprise
Although it is clear that no one is here forever, succession of the most important managers is still treated as a one-off event. This is not a wise approach. There needs to be a structured process, otherwise the company is in a risky situation. Potentially excellent candidates may not have enough time to work on and eliminate their weak points. Talented workers may be overlooked if nobody is interested in them before the actual need for a successor arises. Not being able to develop one's own successors for important managerial posts might also hurt the company’s reputation.
Priorities in the years ahead matter
It is a long process: succession planning can take several years to prepare and kick off. It is strongly connected to leadership development. What is it important to remember? Criteria for the selection process of a candidate must include qualities and skills that are necessary for the strategic direction the company has chosen for the next few years. It is therefore necessary to examine profoundly the demands dictated by future strategy and market conditions. There are three clusters of criteria that the company should focus on:
- know-how, technical knowledge and experience in the industry,
- personality: traits and values of the individual,
- ability to execute strategies and manage change.
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