If someone has started a successful business, they very likely want to see that company continue operating even after their death or retirement. The creation of a succession plan allows a business owner or executive an opportunity to pay the way for the next generation of leadership at that organization.
They may also want to play a hands-on role in training their replacement and overseeing the transition to new leadership. There are several key steps in the leadership transition process that an existing owner or executive can facilitate.
How can someone helping run a business ensure that the person taking over their role thrives in that position?
Hands-on training
One of the biggest mistakes people make when transitioning out of a role is to step down too rapidly from their positions. Even if the professional taking over the position has worked in similar positions before or has worked at that company previously, they likely need time to adjust to their new job responsibilities. Allowing for weeks or months of overlap where an existing executive or professional slowly tapers down from full-time responsibilities to only part-time consulting support helps ensure that those assuming leadership roles have the hands-on training from someone with the direct experience necessary to thrive in that position.
Time to adjust to the culture
The culture within each organization is unique, and it can take some time for a new hire to learn that culture. It can also be difficult for someone to understand how to perform their job without affecting company culture if they move into a more influential position. Giving a new executive or manager plenty of time to monitor company operations to understand team dynamics and overall office culture can be invaluable to preserving a healthy and functional work environment.
Clear standards for professional performance
Someone transitioning into a new role with more responsibilities to the company may be uncertain of how to gauge their performance as they move into their new position. Ideally, there should be clear metrics for gauging someone’s performance in their new position. The current party filling that role at the company may need to provide a checklist of training requirements to perform the job proficiently. They may also want to outline the standards for performance reviews so that workers can self-evaluate and focus on the areas in which they need the most improvement.
It is possible for owners and executives to address many of these concerns when creating succession plans. Assisting with the transitional process can help maximize the likelihood of success and reduce the operational hardships that may be inspired by a change in leadership at an organization.