Succession planning isn't just about preparing for the day someone leaves, it's about planning well in advance to ensure a seamless transition and maintain continuity.
With so many leadership hires being planned well in advance why do so many companies leave the succession planning process so late.
Here's why it's essential to start well in advance – especially if you plan to recruit:
🚀You’ll hire the best people: When succession planning or senior hiring is reactive you risk a poor recruitment decision. By succession planning early you give yourself more options, for example mapping the market externally vs internally can help with talent development.
🌳Talent Development: Succession planning gives you the opportunity to grow your own leaders from within your company, giving opportunities for employees to grow and develop their careers will ensure a smoother transition often over time.
📖Knowledge Transfer: A well planned succession ensures that critical knowledge and skills are passed on, either internally or to the new hire
🛣Reduced Disruption: Even when someone has a lengthy notice period dusting off your succession plan in the first few days and enact your recruitment plan can minimize disruption down the line.
😁Improved Morale: Knowing that there's a clear path forward whether that’s developing from within or hiring externally will boost employee morale and retention.
📈Future Proofing: By identifying potential successors early on and having a process in place will ensure you have the talent needed to meet future challenges.
Don't wait until the last minute to start thinking about succession planning when recruiting your new IT Leader, by starting early you will achieve a better outcome for your existing teams and business.