{"id":4441,"date":"2023-03-09T13:32:54","date_gmt":"2023-03-09T18:32:54","guid":{"rendered":"http:\/\/www.rtgsolutionsgroup.com\/?p=4441"},"modified":"2023-06-29T16:39:37","modified_gmt":"2023-06-29T20:39:37","slug":"succession-planning-leadership-development","status":"publish","type":"post","link":"https:\/\/www.rtgsolutionsgroup.com\/succession-planning-leadership-development\/","title":{"rendered":"How’s your Succession Planning & Leadership Development?"},"content":{"rendered":"
[vc_row][vc_column width=”3\/4″][vc_single_image image=”4633″ img_size=”1110×500″][vc_column_text]Is your business built for the future? OK, that may be a loaded question. So, how about, do you have a strategy in place to develop your people and train leaders for tomorrow? Or are you too busy managing the day-to-day, putting out fires, and managing customer expectations.<\/p>\n

Actually, you can, and should<\/em>, do it all \u2013 develop your people, prepare future leaders, and manage the business.<\/p>\n

So, how deep is<\/em> your bench? As a sports analogy, a deep bench indicates strength in available talent who are prepared to replace top players. The exact same is needed for organizations who strive for stability and long-term growth. Fortifying your bench involves succession planning and leadership development.<\/p>\n

Let\u2019s look at two key areas to ensure your business is built for the future: succession planning and leadership development.<\/p>\n

Succession planning and leadership development are two critical components of organizational growth and continuity. A succession plan ensures that an organization has a plan for leadership transitions. Leadership development helps build a pipeline of future leaders who are prepared to step into these roles.<\/p>\n

And it\u2019s not just about the top-dogs in the C-suite! Succession planning should be implemented at all levels of the organization, from entry-level positions to executive leadership. This ensures that the organization has a deep pool of talent to draw from when it comes time to fill key leadership roles.<\/p>\n

Identifying and developing potential leaders early on also helps retain top talent by providing career development opportunities.<\/p>\n

A key aspect of succession planning is identifying key leadership roles within the organization. These roles may include executive positions, but also include other critical roles that are essential to the success of the organization.<\/p>\n

Once these roles are identified, a clear understanding of the skills and competencies required for these roles should be developed. This helps identify potential candidates who possess these skills and competencies \u2013 or have the potential to aspire to these roles.<\/p>\n

Not everyone is destined for a leadership role. Therefore, it\u2019s important to identify high-potential employees from high-performers<\/a>. Many people perform great in their current role but may not have the DNA for ascending to leadership positions.<\/p>\n

Identifying potential candidates for key leadership roles is critical for the success of a succession plan. This requires a thorough understanding of the skills and competencies required for leadership roles specific to the culture of your organization. Potential candidates may be identified through a variety of means. This includes performance evaluations, leadership assessments, and 360-degree feedback.<\/p>\n

Once potential candidates have been identified, personal development plans should be created for each individual. This may include coaching and mentorship programs, leadership training courses, and on-the-job training opportunities.<\/p>\n

It’s important to note that leadership development should be a continuous process,. They should focus on developing both technical and soft, or power, skills.[\/vc_column_text][vc_custom_heading text=”Succession Planning – a Difference Maker” use_theme_fonts=”yes”][vc_single_image image=”4445″ img_size=”1110×500″][vc_column_text]The lack of a formal succession plan can lead to disruptions and instability within an organization. According to ATD<\/a> (Association of Talent Development), only 35% of organizations have a formalized succession plan in place for critical roles.<\/p>\n

Without a formal succession plan, organizations may struggle with several variables. This includes obstacles to retain top talent, disruptions and instability during leadership transitions, and failure to meet long-term goals and objectives.<\/p>\n

Developing a successful succession plan requires careful planning and execution. This includes identifying key leadership roles. Develop a clear understanding of the skills and competencies required for these roles. Identify potential candidates.\u00a0 And develop a plan to prepare potential candidates for these roles.<\/p>\n

It’s important to establish a timeline for leadership transitions, and regularly review and update the succession plan.<\/p>\n

Despite the proven benefits of succession planning, there are several reasons why organizations may not have a formal succession plan strategy in place:[\/vc_column_text][vc_column_text]\n