WORKLIFE: When developing a succession plan, focus on future needs rather than seeking an identical replacement. Creating an internal leadership pipeline ensures that multiple candidates are prepared for future leadership roles.
Justin Hirsch, CEO of Jobplex, says, “Succession planning management is not a gratuitous exercise. It’s an exercise on top talent, not just their pedigree but what they bring to the table, what are their relationships, how do they really engage leaders?” Preparing emerging mid-level leaders to support new CEOs can provide stability during transitions and involve employees in the process. Identifying and nurturing high-potential individuals who excel in their roles and demonstrate strong emotional intelligence is key.
Leadership changes often lead to natural attrition, allowing CEOs to make strategic hires and refine career paths, enhancing retention and company growth.
“Dig your well before you’re thirsty,” advises Justin. “Be proactive, start to identify, speak to and develop talent. That allows the talent management team to identify these prospective candidates to be on succession plans.”