When it comes to succession plans, knowledge and reality are not always the same. Studies show that 94 percent of employers feel that having a succession plan positively affects employee engagement levels. Unfortunately, only 44 percent of executives think their businesses are ready to meet future leadership needs.
Creating or updating a company succession plan can be a very involved process, but using these simple tips and leadership giveaways can help get you moving in the right direction.
Start now and make it a priority
If your company doesn’t have a succession plan, consider creating one as soon as possible. According to the Harvard Business Review®, every year 10 to 15 percent of companies appoint a new CEO. Being ready for significant changes ensures there are no missteps as your company moves forward. Plus, having a plan means a smoother transition for the whole company—and your customers.
Look at internal talent for training opportunities
Your next great leader could be right under your nose. Whether you’re hiring someone for middle management or looking to replace a CEO, the perfect person for the job may already be on your payroll.
Make sure managers meet with their employees on a regular basis to find out who would like to move into a leadership position someday, and what skills they will need to hone in order to achieve their goals.
Use annual reviews and improvement goals to plan training opportunities for the coming year. This will help your internal talent flourish, plus it lets them know that your company is dedicated to helping them reach their fullest potential. When employees thrive at work, they’re less likely to move to another company.
Reviews are also a great time to mark the achievements your employees have accumulated over the last year. Offer them leadership promotional items that make the workday a little better, like a messenger bag with pockets for their office gear, or a USB hub desk set that lets them charge their phone and use a jump drive while storing their pencils and pens. Or if you want to recognize an exceptionally large achievement, like a sales record or recent university degree acquisition, consider offering them an award they can keep on their desk.
Build structured transition plans
Even as you identify the best employees to move up in your organization, it’s important to remember that no transition is easy. Help prepare the up-and-coming leader to handle their future role by allowing them to cover during the current leader’s vacation. Have the current leader act as a mentor and work with their future successor so there are no surprises. Further help them prepare with a high-end notebook and the top-selling business book “Good to Great”.
Smooth succession with leadership promotional items
Succession plans are essential to ensuring your organization moves easily into the future. By looking at your current employees, and helping them reach their goals, you can make sure you always have top talent on hand. Help ease transitions by ensuring future leaders understand their future position and are prepared. With some careful planning and leadership giveaways, you can help make every transition as smooth as possible.