Succession Planning Success September 2007 In this issue: · Impact of Failing to Do Succession Planning · Creative Metrics in Succession Planning · Succession Done Right the First Time Around · Breaking Up Is Hard to Do - Succession Planning for Professional Services Firms · 6 Succession Planning Myths-Debunked
As we focus this month on Successful Succession Planning and how to best manage it in your organization, think of it as if you were the coach managing your team to greater achievements.  As coach, you might pull a player out of the game and replace him or her with another player with similar skills and abilities to step right into the game.  In our organizations we often handle our employees similarly: we consider who has left – or will be leaving – and assess their skills and abilities to look for a match so the new employees can pick up where the old ones left off.  However, replacing the same skills and abilities will get you just that: what you already have.  Leadership is about setting goals and challenges that will stretch your business. Successful Succession Planning creates the opportunity for a thorough organizational reassessment and a determination of where you are and where you want to be in the future.  Albert Einstein once said, “Insanity is doing the same thing over and over again and expecting different results.”  How are you currently managing your succession planning?  What results have you gotten?  Are they the results that you need and have been looking for?  If not, what can you do differently?  Successful planning spots talent gaps, identifies key positions and assesses how to ensure the right people are equipped for the appropriate job at the appropriate time.  How are you developing your key players?  Are you preparing them for success today or are you starting today to create your organization of the future? Successful Succession Planning is an important strategic tool in creating your organization of the future.  It provides the opportunity to ensure you are developing your employees to attain the skills that will position them, and the organization, to meet the inevitable challenges down the road. Enjoy this month’s newsletter and if we can assist you with Successful Succession Planning, please contact us.	Of all the issues facing senior management teams, succession planning is one of the most challenging. It requires the ability to critically and accurately assess not only an organization's current talent but to also be able to predict the needs of the future.  If your organization is already involved in succession planning, there are some points raised in these articles that can act as a checkpoint as to whether your system is focusing on the right issues.  If your organization has not yet been serious about succession planning, the articles will provide you some ideas on how to frame this conversation with your senior management team. Sincerely, Anne Mahoney Glose VP, Principal Impact of Failing to Do Succession Planning Executives often begrudgingly admit that succession planning is something that should be done but often believe it’s an impossible task.  However, the impact of not engaging in succession planning can hit an organization on several levels. Creative Metrics in Succession Planning Identifying capable leaders will ensure that solid performers are identified and developed for each critical position. Turning to those who currently hold those key positions can provide creative metrics which enhance traditional best practices in succession planning.  Succession Done Right the First Time Around In an ideal world, a CEO selects and preps a successor, simple as that. Unfortunately, there’s a big gap between the ideal and the real, because outgoing business leaders unknowingly take the wrong approach to succession planning. Here’s how to do it right. Breaking Up Is Hard to Do - Succession Planning for Professional Services Firms A smart professional services firm will plan for the retirement of a partner well in advance. Here are critical ideas that firms must take into account in order to successfully plan for the exit of a partner. 6 Succession Planning Myths - Debunked According to a recent study, many firms do not have a succession plan in place for many reasons, most of which are unfounded. Here are 6 of those myths.

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