To avoid being left in the lurch, here are four steps to identify and groom successors:
Adopt a structured approach. Identify positions critical to the success of the organization that should never be left vacant. Also determine which senior-level managers may leave in the next few years, either because of retirement or other factors. Next, note which senior or mid-level managers, with focused professional development, might be qualified to take on those roles.
Prepare candidates. Determine the personal and professional qualities that are essential for succession candidates to succeed. Look for developmental opportunities that allow your stars to gain visibility and hone their functional expertise and decision-making skills.
Broaden the pool. Remember that the people who are next in line for promotions are not necessarily those who will make the best leaders. Search for high-potential candidates throughout your company — not just up and down the job title chain.
If your firm has experienced layoffs or a merger, try to identify remaining staff members who have worked hard to motivate and inspire their colleagues, kept important projects on track, and ensured client satisfaction. These are the people who should be given the opportunity to grow their natural leadership abilities.
Set goals, monitor and follow up. Create clear milestones for succession candidates, and make a point to provide ongoing feedback to help them progress. This should include recognizing their achievements promptly and working with them to understand their professional aspirations and interests.
