The Importance and Value of Succession Planning

I’m a firm believer that there is a science to a lot of management. The reason there are books that provide guidance for managing better is because following the strategies and suggestions contained therein are often helpful, and we are continually learning more about people and how they work and what motivates them. But I have begun to think that succession planning is more art than science. That doesn’t make it less important to prioritize, it just makes it harder and requires more deliberation and practice. There are some solid tips that can help, but you’ll need to think a lot about it and begin to hone your instincts on this subject.

Succession planning is necessary in two different instances: either you need to plan to replace a subordinate, or you need to plan to replace yourself. And you should have a plan in mind for every employee you have, even if the plan is relatively simplistic. As the axiom goes, plans are worthless, but planning is essential. The situation will change often, and your plans will need updated too, but if you fail to plan you’ll be caught with a gap in your staff’s capabilities that could be devastating.

Continue reading