In my daily interactions with clients, contacts and my network, something that really stands out is the sheer speed of change in the tech world. It feels like every other day there's a new disruptive technology, and that creates real challenges, especially when it comes to leadership.
Succession planning? Honestly, a lot of companies treat it like a box to tick. But, it’s make-or-break if you want to stay ahead, keep innovating, and avoid major disruptions when leaders move on. It’s not a question of if you’ll need to transition leadership, but when, and how painful (or smooth) it'll be.
Why Companies Need to Sweat Succession Planning
Tech's not exactly known for standing still, is it? New “stuff” comes out constantly, business models get flipped on their heads, and the market’s always demanding something new. So you need leaders who don't just get the tech, but can think on their feet, adapt fast, and have a real vision. Here's why I think succession planning is crucial for tech right now:
Keeping Things Running Smoothly When Leaders Move On: Let's face it, when a key person leaves, whether they planned it or not, it can throw things into chaos. A good succession plan means a less bumpy ride, avoids a power vacuum, and keeps things moving. Especially in product and tech, where you need deep knowledge of what makes the company tick.
Getting and Keeping the Best People: A solid succession plan tells your people you care about their future, that they can actually grow with the company. That's a huge draw for ambitious folks looking for a career, not just a job. In this talent war, that can make all the difference.
Hanging Onto What You've Learned: When a leader walks out the door, so does a load of experience and know-how. Succession planning helps capture that stuff and pass it on. You don't want valuable lessons going out the door with them.
Staying Fresh and Ahead of the Curve: It’s not just about replacing people; it's about gearing up for what's next. By finding and growing leaders with different backgrounds and skills, you create a culture where fresh ideas can flourish and you're ready to jump on new opportunities or tackle whatever comes your way.
Handling Growth and Change Without Cracking: Tech enabled companies often grow like crazy or go through big shifts. Succession planning helps make sure you've got the leadership to handle that, without things falling apart.
How to Build a Succession Plan That Actually Works
A good plan needs some structure. As I’ve had some experience in this area (20 years!) Here’s what I recommend:
Figure Out Your Key Roles
First, think about the positions that really drive your business – the ones that impact your bottom line, innovation, or overall strategy. Don't just think C-suite, think about key product, tech and operations leads too.
Take Stock of Your Talent
Really look at the leadership potential in your team. Skills, experience, how they're performing, room to grow – all of it. Get feedback from all angles and maybe use some leadership assessments to get a clear picture.
Spot Those High-Potential People
Based on what you see, identify the ones who could step up. Look for people who deliver, show leadership qualities, and are hungry to learn.
Create Personalised Growth Plan
Develop individual plans for your high-potential employees. Mix training, mentoring, coaching, and on-the-job learning to get them ready for bigger roles. Think about job swaps, special projects, and dedicated leadership programs.
Get Mentors and Coaches Involved
Pair those future leaders with experienced folks who can guide and support them. Coaching can help them work on specific skills or weaknesses.
Give Them Some Spotlight
Give your high-potential employees a chance to present, lead, and interact with senior management. This will help them get comfortable, build their network, and get noticed.
Keep Checking In and Tweaking
Succession planning isn’t a “set it and forget it” kind of thing. Review it regularly to make sure it still fits your company's direction and talent pool.
Share the Plan (Carefully)
You don’t need to tell everyone every detail, but do let key people and high-potential folks know there’s a plan in place. It shows you're serious about developing leaders and gives people a sense of where they can go in the company.
Don't Be Afraid to Look Outside
While growing from within is ideal, keep an eye out for external candidates too. They can bring fresh ideas and experience. And a great executive search firm could do the trick!
Growing Your Own: Leadership Development and Mentoring
Leadership development is where the magic happens. It's about giving your future leaders the skills, knowledge, and experience they need to shine. Genuine leadership development is where we truly unlock potential. It's about equipping your future leaders with the well-rounded skills, practical knowledge, and real-world experience they need to excel. It is about building a foundation of the fundamentals before they are able to put them into practice.
So, how do you make it happen? Invest in honing their core leadership skills; communication, decision-making, and problem-solving are non-negotiable. Give them a solid understanding of the business's finances and market position. Encourage strategic thinking about the future and tech's role within it. Develop their emotional intelligence (EQ) to build strong teams. Facilitate mentoring and coaching opportunities with seasoned leaders, and offer cross-functional exposure to broaden their perspective. Finally, encourage them to attend industry events, networking and staying informed are essential in today's landscape
A Strong Leadership Pipeline = A Strong Company
If you're running a company, succession planning is essential. By actively finding, developing, and preparing future leaders, you create a leadership pipeline that ensures you can keep innovating, adapting, and succeeding long-term.
The good news is, we help companies build custom succession plans that fit their specific needs. I truly believe investing in your people is the smartest move you can make.
Let's ditch the "fill the seat" mentality. Let's build a leadership pipeline that sets your company up for success, no matter what the future throws at it.
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