Did you know that many organizations are unprepared for leadership transitions? This can spell disaster for business operations, employee engagement, and productivity.

I’m Vas, co-founder of the Giraffe app and former Fortune 500 CHRO with 25+ years of experience. Having established several global succession planning programs, here’s my perspective on this critical topic. Succession planning helps ensure continuity in leadership and prevents serious lapses in the stability of an organization. It’s a must! 

First, I’d like to touch on some of the challenges organizations go through when they don’t have a solid succession planning framework. For example, consider a critical CFO role being vacant for a period of time; and the adverse effect it has on the leadership, employee morale and the financial aspects of the business. Undoubtedly, this will impact both internal and external stakeholders.

So, how can you make sure operations remain robust regardless of changes in leadership and critical roles? Start by looking at this as the strategic process to identify and develop talent to fill key leadership and critical positions in the future. You may need to bring in specialists that your organization doesn’t currently have. Evaluate potential successors based on their capabilities, leadership potential, and business acumen. 

Creating a succession plan and developing potential successors sends out a positive message to the leadership ranks, employees, the board, and external stakeholders. It states that the organization is serious about the future, while focusing on its leadership bench strength. This helps improve employee engagement, commitment and productivity by showing individuals that there are long-term opportunities within the company.

What have your succession planning experiences been? Share your stories or questions in the comments. Don’t forget to share this post with someone who might find it helpful!