DANVILLE, Calif., Jan. 18, 2012 — Many companies don’t have proven succession planning programs in place, which could lead to disasters in the c-suite, says Succession Planning Consultant Nancy Clark, president of Leaders-Inc.com, a global management consulting firm specializing in individual, team, and organizational performance improvement.
“It takes a dedicated and forward-thinking leadership team to allocate the time and to develop a succession culture. Unfortunately, many companies don’t make leadership development a priority until it is an emergency. That is not the time to plan – instead that is the time to execute the plan. If your company is not doing it, now is the time to start,” said Clark, whose company creates succession plans, competencies plans, and change plans for large global to mid-size companies in the energy, technical, healthcare and other industries.
All companies need talent management plans to account for the inevitable retirement of key leaders, she said.
“The inevitable exodus of the baby boomers has created a heightened awareness for succession planning throughout the corporate world. Despite the predictability of massive retirements, there is an ongoing shock and awe heard around the virtual water cooler any time a senior executive retires,” said Clark. “How can they possibly be surprised when a senior executive reaches age 65, is vested in the company pension plan and qualifies for Social Security?”
Not having a plan can also frustrate Gen X employees, who see their career path stalled.
“To compound the situation, the corporate world is getting pressure from the other end as well. The typical Gen Xer leaves a company because the leadership pipeline is blocked or no one is communicating the great plans for younger staff members with MBAs,” she said. “Gen Xers are not patient. They don’t feel company loyalty as did prior generations.”
When promising talent leaves, companies are forced to deal with change.
“Consequently, leaders are scrambling to plan and build successors. That is the good news. The bad news is that succession is more than a plan. It is a new way to think about talent management and requires a culture change few companies understand,” she said. “Companies need to ask themselves ‘What is succession planning?’ Better late than never.”
Here is a partial list of succession planning best practices:
- Succession is a key element of strategic planning
- Strategic plan drives recruiting, leadership development and succession plans
- Succession plans identify all key positions with who is ready now, ready in 12 months, ready in 24 months, etc.
- Readiness plans are developed for successors
- Executive leadership owns and actively manages plans
- All leaders and managers are involved in identifying and developing successors
- Plans are regularly and consistently communicated
- Coaching and developing others to assume positions is an honor, not a burden
About Nancy Clark
With more than 25 years of systems, operations and organizational development experience, Nancy utilizes her extensive experience to assist companies achieve their goals. Consulting to international as well as local clients, Nancy is driven to transfer knowledge, skills and tools to help leaders and companies improve, achieve results and expand their own capabilities. Nancy is a member of numerous professional organizations and is called upon frequently to speak on current leadership challenges. She received her B.A. Degree from University of California Davis and her M.B.A. from Santa Clara University.
Contact:
Nancy Clark
+1 855.831.9100
+1 925.831-9100
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