sessions, in which each successor is given projects aligned with their prospective roles. It’s in these practical scenarios that their capabilities are truly tested, unveiling key performance indicators (KPIs), and highlighting areas for further development. • Widen the Responsibility: Crafting these development plans is not solely an endeavor for the CEO, or C-suite leaders. It requires a collaborative effort with talent development coaches/specialists, HR professionals, senior leaders, organizational owners and even board members. Each of these stakeholders plays a vital role in shaping the journey of these future leaders; consequently, their involvement is mandatory. • Put Board Meetings on the Agenda: A central component of these practice sessions is ensuring that they involve interactions and presentations to the board of directors, privately held company owners, or key senior leadership teams or divisions. Navigating these often high-pressure environments is an indispensable skill for any future leader, and these experiences provide practice in managing these complex dynamics. • Establish KPIs: It’s imperative to establish and monitor Key Performance Indicators (KPIs) throughout this process. These indicators become the compass that guides the development journey, highlighting successes, progress and areas needing attention. By tracking these KPIs, the organization can finely tune the development plans, ensuring that each successor is not just prepared for their future role but poised to excel in it. • Conduct Regular Reviews and Updates: Regular reviews and updates help ensure the viability and relevance of succession plans. These plans must be living documents, evolving to mirror the organization’s shifting strategies, structures and personnel. This dynamic approach guarantees that the plan stays in sync with the overarching goals of the organization. Each successor should actively participate in this process by conducting formal reviews of their work and updating their KPIs along with any other significant changes. Ideally, this should be done monthly in collaboration with their supervising leader — often, the executive whom they are poised to succeed. • Scorecard: To streamline this process and enhance visibility, the use of a scoreboard for tracking KPIs is highly recommended. This allows for continuous monitoring of progress and trajectories, accessible to all relevant parties. A transparent and real-time tracking system not only simplifies updates but also provides a clear, ongoing snapshot of the succession journey. • Communication and Transparency: Sharing the roadmap of succession with employees not only fosters a culture of openness but also strengthens trust within the organization. When employees are in the loop about succession plans, it inspires them to invest in their own professional growth. Moreover, each successor should feel free to openly discuss their journey of professional development, whether it’s directly tied to the succession plan or not. This openness serves as a powerful motivator, encouraging fellow employees to embark on their own paths of personal and professional growth, which in turn helps to cultivate a workforce committed to continuous improvement and excellence. • Emergency Succession Planning: This approach equips organizations to handle sudden departures or unforeseen crises. It’s like a safety net, ensuring that the organization remains stable and functional even during turbulent times. Weaving in an emergency component should be approached with the same diligence as the primary plan. A practical approach is to set a recurring monthly date for reviewing and updating this emergency plan. This regular rhythm of updates ensures the plan remains current and relevant. • Diversity and Inclusion: Embedding diversity and inclusion into the fabric of succession planning is not just a token gesture but a strategic imperative. A comprehensive succession plan that embraces diversity enriches the talent pipeline, bringing a wide variety of perspectives and experiences. This diversity is a catalyst for resilience and innovation within the organization. While diversity should not be the sole driving force, its integration becomes more seamless when multiple potential successors are considered. This allows for the identification of candidates who not only bring diverse viewpoints but are also potentially more skilled and insightful than the current leaders. While all the elements listed here are integral to creating a sound succession plan, there is one overarching factor that should not be overlooked: START NOW. It’s easy to put this job aside in favor of the litany of everyday tasks that come across your desk. But the sooner you begin the process, the easier it will be — and you’ll have a much greater likelihood of filling your leadership vacancies with long-term successors, rather than simply plugging a leadership “leak.” References 1. Wellins, R.S., Smith, A.S., & Erker, S. (2009). Nine best practices for effective talent management. Development Dimensions International, 1-14. 2. Church, A.H. & Silzer, R. (2013). Going behind the corporate curtain with a blueprint for leadership potential: An integrated framework for identifying high-potential talent. People & Strategy Journal, 36(4). 50-58. Karen Brown is the CEO of Exponential Results, specializing in leadership development and executive coaching. She can be reached at karen.brown@yourexponentialresults.com. Follow her on LinkedIn at www.linkedin.com/in/karenbrown. Colorado Banker 22
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