Identifying Potential: Succession Planning
Did you know that more than half of companies today would not be able to immediately name a successor to their CEO should the need arise? Just scan a newspaper today – there continues to be a number of high profile cases where unexpected gaps emerge and the credibility of the Board suffers as a consequence of poor succession planning.
So it goes without saying that proper succession planning is a critical step in preventing the negative outcomes associated with a transition between Senior Executives. A pro-active approach to this important issue also helps prevent the usual dip in morale as new candidates are located, interviewed, and eventually selected to fill the vacant role. And what does a business lose in the typical 3 to 6 months it often takes new hires to settle into the new role and culture? Succession planning is critical to maintaining momentum and building a better future for your business.
Three Models of Succession Planning
Poor succession planning relies primarily upon the approach described below in the Hope Model. Is this where your business is at?
hfi is an industry expert in succession planning and can help you move your business toward the improved strategies described in the Nominal Model and even further to the highly effective and wealth-creating principles defined in the Robust Model.