Succession planning helps sprout potential leaders in your organization. Not a mere coincidence that such support is required, but seeing trends evolve and technology constantly shaping up, there’s a dire need for people who can understand change and help an organization flourish.
Employee development has become a need of the hour. Therefore, organizations are taking every opportunity to help employees learn to stay relevant in their career path. On the other hand, they are taking advantage of technology-driven tools to train employees to become better leaders. And it has been growing ever since. 93% of adult professionals are happy to receive training, but they also emphasize that it should be easy to shuffle between their work/daily tasks and online training.
We shall discuss more about it, how it can shape future/potential leaders, how succession planning can be regulated across the network within the organization, and most importantly, how much of an impact it creates. But to begin with, let’s understand what leadership stands for and what it takes to become a leader!
What makes an individual a leader?
A leader, as the term suggests, is a person who addresses the problem, manages their team, and imparts a clear vision for the organization. To become a leader, one goes through many challenges, sets the stage to inspire others, keeps their team members happy, and, most importantly, upskills themselves to stay updated with the new interventions.
But often, companies fail to choose the right candidate for the leadership roles 82% of the time! Candidates often fill leadership positions based on the experience they have and how much their effort has impacted the organization, of course, positively. The same report clarifies the claims of a better leader, as stated below:
- They act as an enabler and motivate employees to take actions that contribute to the organization’s positive growth.
- They have ways of keeping employees engaged so that they can produce better outcomes, which can be beneficial for the organization.
- They are the ones who take ownership seriously. Accept their mistakes, and do what needs to be done to resolve the situation quickly. They aren’t afraid of being
accountable! - Leaders don’t always believe in being transactional regarding their employees’ well-being. They keep things transparent and sustain a culture of open communication with their employees.
- They are experienced problem solvers, push employees to their limits and enhance their productivity; without a doubt, they have zero tolerance for office politics.
- They do not believe in dictating employees’ roles. Instead, create a space where employees can reach out to them whenever they need.
Leadership qualities blend people skills (as noted above) and a knowledge base beyond textbooks. Real-life experiences such as grooming employees count too.
What problems are companies facing while developing leaders?
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The first thought to remember is that training is essential for all employees. You may come across various misconceptions about succession planning when you start. Let’s take a look at those:
Succession planning means giving up control
For leaders to train future leaders often lacks transparency. Why? They believe they’ll lose control over the organization and become less valued. In reality, you’re not giving control but sharing your burden! Knowledge-sharing is a critical aspect of promoting transparency within the organization. It unlocks new ways of overcoming obstacles with a fresh mindset, new ideologies, strategies, and whatnot. Don’t take things personally; do what’s necessary for the organization. And with more support, you can help your organization grow with the ever-changing technological landscape.
Succession planning means early retirement
Who doesn’t plan for their retirement? We all do, but don’t confuse succession planning with retirement. You, as a leader, have invested your time in the organization, and it’s been fruitful ever since. But do you want to risk falling and then do what’s required? The logical answer is no, you should not. Succession planning is part of the process. Instead of considering it a risk management measure, it should be considered due diligence of responsible leadership.
It takes time to shape people. At some point in our lives, we have come across a statement that says, “learning happens every day”; therefore, it’s not just a one-step process. Find potential leaders in your organization and help them prepare for a time when they are required to step into the light.
Succession planning can take care of itself
Do you have in mind who’s going to stand in your role when your tenure gets over? There may be someone you feel is deserving, or you’ve promised to pass on your place in the organization in the future. Having that decision in place, you feel free and relieved!
Without building a vision or mission, an organization can run itself. But for how long? You already know the answer. So, how can you leave succession planning for the future?
Succession planning churns out talent. So, invest in a succession planning strategy when everything is functioning smoothly so you can rely on them to take ownership in need.
Looking at all the myths, it’s essential to acknowledge the challenges that organizations face when implementing succession planning and help you get on with your strategy to train your people.
Challenges of Succession Planning
Leaders should always work on formulating structured contingency plans to equip their organizations for the longer run. Moreover, such movements of succession planning should be continuous so that the emerging talent can grow and learn while considering technological interventions. However, during planning, organizations may encounter challenges preventing them from making the right move. Let’s discuss some of the roadblocks below and give you ways to overcome such challenges:
Once and Forgotten
Growth happens with time, be it for employees or organizations. Therefore, sticking to the plans without phasing out on them is vital. Make this a rule not to look behind when adapting to strategies. The only exception is to see how far you’ve come. Change is constant; the only way to keep moving forward is by adapting to new ways of doing things.
Avoid focusing on just today’s job requirements and hire people who are restricting themselves from learning and evolving. Ask yourself questions like,
- Can your business adjust to the change in the professional landscape?
- How are your competitors innovating?
- Are you utilizing technology in the best ways?
- Do you have people who can address such change and take temporary measures when required?
If you can acknowledge that the change is happening at every hour, your focus will eventually shift from once and forgotten to continuous. Rather than discouraging other approaches, learn to blend your strategy with the growing change.
The best way to stay on top of your goals and approaches is to set up monthly or quarterly check-ins and analyze the whereabouts of your succession plan. Additionally, stay updated with the workplace landscape to blend your techniques with them.
Training and development for C-suit players only
Five years is the average median tenure of leaders. And after every 5th year, according to the report, organizations have to promote someone as a replacement for the existing leader. That verifies that training and development are of utmost importance for c-suite roles.
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When you promote someone for such roles, what happens to their current job role? Does it get dissolved? No, right? Hence comes the need for training and development for every people management position in an organization. 61% of working-age adults think they aren’t confident about the skills required for the next five years. This number has to change, and you can play an integral role in helping your employees overcome such challenges.
The only way to do that is by making training available for each managerial position in your organization. This will help your organization get ready for the future.
Limited in-house ways
Organizations inhibit a talented group of people within the organization; therefore, leveraging the existing talent to train other employees is the most innovative way to go. Then comes the question of how to regulate such programs within the organization.
A mid or small-sized organization can still opt for traditional interventions to formulate a manual structure matching talented and experienced individuals with fresh minds. They can create an informal network to fabricate a formal training program, but this cannot compete with the changing landscapes. One such change occurred during COVID; remote work became the new normal. Ask yourself this question, would your traditional method of training and development have worked?
The intelligent way of going with the change is making the best use of technology. The software market has grown tremendously, giving rise to mediums where organizations can utilize the already-developed structure and match the right individuals with accurate tech-driven standards. This can help develop a knowledge-sharing environment in the organizations where everyone can participate and help each other.
It’s never too late to ask for help!
Since we now have a productive approach towards launching succession planning programs in the workplace, the central question of “how to implement this approach” comes to mind. Let’s take you through that as well!
Succession Planning and Mentoring
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Mentoring and succession planning are a ‘too good to be true’ duo! Succession planning works with a strategy, a clear-cut intention of educating employees and helping them get groomed for managerial roles. A report claims that top-performing companies did succession planning 79% of the time and coincidentally hired 79% of their CEOs internally.
As striking as it sounds, a well-planned strategy is at play to help you get close or even better figures. As stated in a few paragraphs above, succession planning must be continuous to produce better results. Now let’s say something about mentoring before we conclude what needs to be done.
Mentoring in the organization works like a charm. It helps employees’ career development by building a knowledge-sharing culture that can help them unlock their inner abilities. It works psychologically for employees, allowing them to share their perspectives and grow. It builds relationships.
Let’s talk about the involvement of mentoring in succession planning.
Succession planning can bring productive outcomes only if organizations have a promising strategy. And to help organizations build a perfect system, mentoring comes into the picture.
Mentoring programs are versatile; they can shape any organizational goal and create an impact. Since their duration is undefined, it can end up being a long-term or a short-term relationship between mentor and mentee.
Succession planning aims to build future leaders, and mentoring lightens the churning process of employees. Let’s take a look at some of the collective benefits of mentoring and succession planning below:
- It boosts the confidence of employees.
- It creates situational awareness in employees to understand whether they are ready.
- Expand their knowledge with rigorous and continuous training.
- Creates a well-established structure for employees to help them grow.
- It builds transparency between potential and existing leaders.
How to implement succession planning with mentoring?
The technological breakthroughs today make it and every other task for organizations possible. There’re tools and software online, such as Mentoring Complete, that can ease the process of succession planning for your organization. You can automate matching compatible mentors and mentees with an AI-powered matching algorithm.
With the goal settings in place, mentees can give mentors a direction to move further so that each session stays productive. As an organizer of a mentoring program in your organization, you can create specific mentoring programs with an agenda of succession planning and invite potential and existing leaders as mentees and mentors so that they can reflect on the shoes they are expected to fill in.
Talk to our experts now and build a promising succession strategy with mentoring!
Want to make your workplace mentoring programs successful? We’re happy to help you!
Frequently Asked Questions
Q. What is succession planning?
Succession planning is a process by which you, as an organization, can determine and grow potential leaders.
Q. What are the advantages of succession planning and mentoring?
Succession planning and mentoring bridge the gap between budding talent and leadership requirements with the help of a mentor. They pass their experience and leadership competencies, making the succession process successful.
Q. What is the objective of succession planning?
Succession planning boosts employees’ confidence, creates situational awareness, expands the knowledge curve, and builds transparency between potential and existing leaders.