Succession Planning is a Team Event
Succession Planning – who is going to move up, move over, or move along? What are you doing to ensure that your future is in good hands? Whether you are a family business of publicly traded company, success planning is important to the long term life of the business. Often, succession planning is driven at the board level, through board committee which allows a more holistic view of company direction.
It is a known fact that high performance people will never lose their desire to compete, meaning that they may purposely choose someone that will not perform as well as they did. Leadership can be a nasty business. Succession planning is a team event!
Who gets to pick? The team of course. It goes back to fit, feel and science, just like hiring. Using analytics, statistics, patterns and odds, along with a number of other factors will allow the organization to build a pool of candidates.