Do You Really Need a Succession Plan?
One of the most disruptive events that can happen to an organization is the sudden need to fill critical positions. Succession planning ensures that there is no vacuum in key roles after its incumbent retires or exits the organization.
Without a defined plan in place, the sudden vacancy of a critical position can create confusion and uncertainty to an organization’s stability. Not having a succession plan in place can expose your organization to unnecessary risk, particularly when it comes to critical roles.
Here are 5 risks you face if you don’t have an ongoing succession planning program –
STALLED ORGANIZATION PRODUCTIVITY
Critical positions staying vacant, or worse, being filled by people who cannot handle the job, can lead to a loss of momentum, a decline in production or service levels, or a drop in public or private reputation.
INTERNAL POWER STRUGGLES
When a critical position is vacated, there is an obvious gap to fill. Without a clear succession plan, employees compete for the position and engage in power struggles to take the vacant spot. These power struggles can cause a volatile work environment.
URGENCY IN FILLING THE GAP
Without a proper succession plan, the need to quickly fill the vacated position leads to choosing the wrong candidate for the role. Decisions made in haste can result in a bad fit — which only leads to new problems.
PASSING OVER INTERNAL TALENT
Without a clear succession plan, it can be easy to overlook candidates internally who may be interested in the vacated role. These candidates are often a great investment as they are already in the organization and understand the culture.
LOSS OF KNOWLEDGE AND EXPERTISE
When a position is vacated, along with it goes the knowledge and skillsets of the previous incumbent. Without someone to receive that knowledge transfer, that knowledge and expertise are lost and will not be passed down.
The absence of a clear succession plan can pose a serious risk to organizations. Taking the time to build out a solid succession plan will significantly reduce this risk. To further mitigate such risks, succession needs to be fluid – continuous, running throughout the organization, and moving in line with strategic needs.
