Succession Planning: Planning Your Future Workforce
When you’ve had a great run in your organization, knowing when to put down the laptop might be a challenge. Whether you’ve built the company from the ground up or risen through the ranks, leadership is a powerful drug. But, eventually it’s time. When it’s time to move on, carefully planning for the transition is part of the legacy that you will leave. While it may be hard to let go, sometimes it’s more important to go out on a high note and set up the next generation of leadership for success than it is to hold on to the power of calling the shots until the very end.
The best leaders engage teams, cultivate trust among colleagues, employees, and clients, and are courageous. What is more courageous than being intentional about succession planning? Succession planning may begin years prior to the retirement phase. Mentoring and sponsoring the rising stars in your organization and industry can be a natural part of creating and maintaining a leadership talent pipeline. Your wisdom, coupled with their fresh eyes, can pay in dividends to the organization AND the stakeholders.
Pouring into next generation leaders has direct benefits for the business too. As your investment in mentoring and sponsoring the right people is observed, other leaders will follow suit. In this, you are effectively raising the employee engagement and performance standards for the whole organization, while making significant impact on the lives of those you choose to invest in. This investment helps bridge the gaps, reduce turnover, and spread organizational culture. Finally, when your succession planning is authentic and rolls out naturally over time, it becomes more about your legacy being passed on and less about preserving your reputation.
Who are you going to be pouring into?