Finding qualified candidates to succeed your key executives is important, but so is letting people know that you have a succession plan in place. Most companies that engage in succession planning do the opposite. They conduct clandestine succession planning conversations, never consulting with potential successors, and never communicating succession planning efforts to the broader community. This mistake is quantifiable and avoidable.
Not consulting with potential successors is a losing scenario. Absent information on their prospects with the company, high potential talent will jump ship. Alternatively, candidates who are not consulted about their prospects get slotted for roles that they have no interest in or intention of filling.
Not communicating succession planning efforts to the broader community, internally and externally, is also a risk. It signals a lack of business continuity planning and of leadership development, both of which trigger a loss of trust in the prospects of the company.
It is critical that boards and executives instill confidence in their companies by making their succession planning efforts transparent. For strategies to successfully plan for the succession of your key roles, contact me directly or access my website for more information.