It is never too early to begin developing an exit strategy. Some entrepreneurs even incorporate it into the business and funding plan as they start their business. Many times investors want to know how and when they can expect to get their funds back. As the time for the exit grows close, a major part of an exit strategy is the development of a succession plan.
Every organization needs a strategic approach to succession planning. The primary purpose of having an effective succession management system is to serve the needs of the organization by helping to provide an ongoing, continuous supply of talent for a variety of positions. By always having this in mind, an organization will also be serving the employees by offering them development opportunities that will keep them motivated and help them grow within the organization. This, in turn, encourages employee retention, which is an important factor in an organization’s success and profitability.
We work with organizations that do not have a plan, or perhaps have a plan with regard to the CEO position only or have a plan that, for whatever reason, has not been successful. Our goals are to review and enhance any existing succession planning system; if none is in place, then create best practices for a succession plan; and create a plan for the implementation of the best practices.
Our process is highly facilitated and explores issues such as:
- The long-term direction of the organization
- The additional positions that will be required as the organization moves in that direction
- The key areas which require continuous growth and development within the organization
- The competencies that are required in each current position and the ones that will be required in the future positions
- Who the key employees are
- Development plans for the key employees
- Career paths
The results of the Management Mpowerment process are impressive.
- We link succession planning to organizational strategy.
- We create a developmentally oriented system.
- We create a focus on results for individuals.
- We help the organization keep both the short term and the long term in focus at the same time.
- We implement a succession plan customized to the organization.
Who should be part of the process?
- Board members
- Executive team
- Human Resources