Succession Planning - success through coaching!
Research indicates that effective leaders are instrumental in driving improvements, retaining key talent, attracting new talent, and even in building and sustaining organisational culture...so why do so many organisations fail to maximise on the potential of their leaders given the significant role they play in ensuring business continuity and success?
It is important to invest in your leaders - both those that are currently leading the organisation and those that have the potential to develop into these roles in the future.Research suggests that less than 24% of organisations are confident in their ability to staff leadership positions in the next 5 years (Watson Wyatt).Effective succession planning involves both identifying those with the potential to succeed, early in their career, while also providing support for those leaving the organisation as this will ensure a seamless transition for both the individuals and the business - something which is particularly important in the current climate where stability can provide a competitive advantage in otherwise turbulent times. From a leader who is facing retirement to a successful executive moving to the next stage on the career ladder, coaching can be a useful tool for enabling individuals to transition to the next stage of their career and is a key component of a successful succession planning strategy. For those Individuals identified as 'high potential', there is likely to be a 'gap' between current behaviours and desired behaviours.Through our work with 'high potential' executives, HDA have found coaching to be an effective means of developing these individuals, for example by:
- Moving them to the next stage of their career, enabling them to achieve greater success
- Facilitating the acquisition of skills - including reflection on the importance of networking, influencing (with authority), delegation and effective time management
- Enabling them to make an impact in their new role by focusing on their strengths as opposed to weaknesses
- Improving their communication skills both in terms of internal and external communications
- Improving decision making skills
- Encouraging them to focus on developing and refining their personal brand
- Facilitating a change in mind set - resolving unfounded issues as to the ability of an individual to 'fill their boots'. The earlier the mindset begins to shift the better
- Enabling the leader to consider alternative roles (non exec director) or alternative ways to apply their skills and experience
- Facilitating transfer of knowledge to the new leader and organisation
- Managing expectations
- Facilitating team building