If succession planning is not managed appropriately, or at all, the results can be disastrous for a company – as bad as losing decades of institutional knowledge and valuable connections.
I’ve seen this happen far too many times: a senior level executive strolls in on a Monday morning and announces that, in three months, they are going to retire. The company immediately goes into a defensive stance, and as time passes, people start to wonder why no replacement has been named. More time passes, but no one internally is prepared to take over the role, so they start searching externally. Interviews start, but they take time. The executive agrees to stay on for an additional 30 days.
Finally, 120 days later, the perfect candidate walks in – but by the time the company has finally put together an offer, the candidate has taken another job. More time passes and the departing executive agrees to stay longer, but only part-time and with fringe benefits. Corporate starts to get desperate, and after another quick round of interviews, they settle on a replacement.
The incumbent is asked to spend a couple days with their successor to impart all important information – important information they have been accumulating for 40+ years. Three days later, there’s cake.
Another successful transition… or is it?
In this episode, you will learn: