I recently worked with a senior team who were not only busy, but they were overwhelmed in the day-to-day firefighting.
Burn out was on the horizon and they all knew it.
The tactic they would have used when I first started working with them: run faster and harder.
Since working on their team effectiveness, they are now: running a different race.
They recognised the problem, so we scheduled an offsite. This is what they achieved:
1. They redesigned their leadership structure.
2. They created or redesigned several roles.
3. They recruited for their successors.
4. They are investing in coaching and mentoring to integrate them into the executive team.
While this approach may not be feasible for all businesses, there are key takeaways to be learned.
⭐ Having open and forward-looking conversations to identify potential successors is crucial. This team recognised their vulnerability and took action to balance responsibilities.
⭐ Coach and mentor your high potentials – rather than selecting their favourites or longest serving people. Using data to determine the right fit for the role is essential.
⭐ The Exec team were comfortable with letting go of control and allowing for change. While it may be uncomfortable, it is necessary to embrace new dynamics and ways of doing things.
Consider what steps you are taking to ensure a successful succession plan. And how can you identify potential successors and actively prepare them for leadership roles?
I hope this has given you some valuable insights into the importance of proactive succession planning and investing in your high-potential employees.
If you’d like to discuss how I can help you develop your high potentials, please don’t hesitate to reach out.