With 98% of your managerial staff open to new opportunities, your company needs to have a deep roster of potential talent both inside and outside of your organization ready to step into leadership roles.
Seems obvious, right? After all, that’s just basic succession planning.
Unfortunately, that isn’t the way most companies approach succession planning. Too often organizations wait until a vacancy occurs before coming up with a plan to fill that position.
In the meantime:
- Your company still needs to serve customers and clients;
- Your company still has strategic goals that need to be achieved;
- Your team needs to remain motivated;
- Your external partners need to see you still have a strategy in place;
- Important decisions still need to be made.
The world doesn’t stop just because you lose a key manager.
Because business still needs to get done, all too often the succession plan comes down to hiring a candidate who meets the basic qualification and can quickly fill an immediate need. Strategic hiring is pushed aside in favor of necessity.
That approach to succession planning is like a football club waiting until their goalkeeper is injured and then replacing him with the first person available, with little evidence that the player is actually the right choice.
No serious football team approaches succession planning this way. Instead, successful football clubs:
- Understand that their current players may retire, become injured, or become less effective with little warning;
- Understand the entire competitive landscape, including not only their own talent pool, but the talent pool of other clubs;
- Understand the need for “scouts” who can help evaluate the entire spectrum of potential replacements;
- Understand the need to invest in developing and assessing the leadership skills of their future stars.
Successful football clubs employ a systematic, data-driven approach to succession planning and talent development that ensures their teams remain competitive despite inevitable changes in personnel.
And that’s exactly the approach your company should take to succession planning, because companies that succeed over the long-term understand both the importance and risk of hiring exceptionally talented managers. The top-level talent your company needs to remain competitive is also highly desired by other employers.
Because of this simple reality it is critically important to have a strategic succession plan to fill vacancies when they occur.
However, many companies still approach succession planning like they were playing with friends on the neighborhood pitch rather than leading serious, Premier League clubs.
It is virtually impossible for in-house HR departments and staff to have this type of comprehensive data on the skill and availability of employees at other firms. However, executive search consultants can identify and engage in discussions with potential future managers currently on another team’s roster.
Robertson Associates is currently partnering with a brand name, best-in-class consumer products company to create this type of innovative, strategic approach to succession planning. Rather than waiting until their Directors and Vice Presidents leave, this global market leader has asked our firm to assess and evaluate one in-house talent and build a “roster” of three talents currently working at other companies to fill future vacancies.
This “roster” of potential future talent Robertson maintains includes individual profiles, assessments, and rankings. As high-potential candidates develop they are added to the list, and our interaction with talent at other firms gives our clients invaluable “back-market” intelligence.
As a result, the international Partners at Robertson Associates serve a similar role to the talent scouts employed by football clubs.
Start succession planning like you are worthy of the Premier League!
Pierre Collowald is a Senior Partner at Robertson Associates, a European Executive Search and Leadership Solutions boutique. Pierre is working out of Brussels, Paris and Zurich.