Versity (latin origin):
To adapt, to change, to grow, to be versatile
Succession Planning
Passing the baton is arguably the most important aspect of a relay race. Whether a public or private company, the transition of leadership or ownership is a critical process, and one that should be done by design rather than default.
Develop a Succession Strategy
This process should begin at least five years before the transition.
When is the best time to plant a tree? Ten years ago. When is the next best time? Today. Decide today to develop a strategy. Change is inevitable and healthy, but the nature of change is difficult for many people. Change is a deeply emotional process, even more so within family-owned businesses.
VERSITY will help you to:
- Ensure that you have the right people on your team
- Invest in existing leaders at multiple levels
- Choose high performing candidates to join the organization
- Assess your high performing leaders
- Implement – actually passing the leadership
Steps in the successioning process:
- Clarify the vision. Decide where the business needs to go, and then decide who best to lead you there. It takes different styles to lead organizations at different times.
- Assess team members and evaluate overall team readiness.
- Clarify roles and determine who best fits various positions.
- Develop talent and strengthen leadership competencies.
- Ensure a smooth transition and minimize disruptions.
- Maintain continuity of vision, productivity and profitability.
- Improve employee commitment, retention and morale.
- Reduce risks. Wrong hires cost 3-5 times a person’s salary, in addition to damaged client relationships and possible loss of the company.