Succession Planning as you step into September

The summer holiday season is winding down and (if you believe the adverts from your local bars and restaurants), Christmas is almost here.

However, for many, September signals the gateway to a change of gear and the opportunity to look at important matters afresh.

One thing that we frequently see businesses not addressing adequately is succession planning – particularly in senior roles.  And as anyone who has had to try and unexpectedly fill a role, starting on the backfoot can cost increased time and money.

Here are three reasons that we have seen over the last six months which we consider contribute significantly to concerns around succession planning.

1. Making it only the “HR Teams” issue

For many, succession planning is purely a process – and therefore it will be for the People/HR team to make sure they have processes in place.  However, this approach is purely reactive and can leave the business easily on the backfoot.  In addition, when was the process last used?  If the person who goes is someone who is in a senior or specialist role, is there even the most rudimentary process in place.

2. Lack of Board awareness of the “bench”

In our experience, even those companies who have many strong people processes in place, will find themselves caught short when senior executives (in particular) resign.   This is due to the Board (and particularly non-executives) not having spent some of their time making contact with key workers at the levels below.

When quick decisions are required, it can be very tempting to go and hire an external candidate that is identified through a managed process, rather than have the confidence to raise up an internal candidate (who is ready to go).

3. Unaware and unprepared successors

Often, when the opportunity comes up for an individual to step up, it becomes clear that whilst they may have the drive and the ambition, they often will be lacking important skills (particularly around leadership and management) that means they are not ready for a role – even if the business would have been prepared to offer it to them.

As can be seen, there are a wide set of reasons that succession planning in a business might not be where it needs to be.  If you would like to have a discussion around your concerns on succession – please contact Stuart James (stuart.james@mm-k.com) in the first instance.

Back to News