• Hyatt-Fennell Executive Search

What 2020 Taught Us about the Value of Succession Planning

2020 has brought a wave of early retirements. Some individuals were unwilling to jeopardize their health by continuing to work, others disenchanted by working remotely, and still others took advantage of early retirement options offered by employers looking to trim costs. This unanticipated contingency highlights the importance of succession planning for institutions. Succession planning is the essential practice of identifying and developing leaders within your organization for their advancement. This yields a stronger workforce and better long-term outcomes. Institutions must not bank exclusively on a few key leaders. A robust organization has capable leaders at all levels of an organization.

Just as 2020 should be a cautionary tale for employers, it has also been a wake-up call for employees. Many individuals are considering their career paths with renewed scrutiny. Whether it’s a layoff in the midst of a challenging year or the shift to working from home that has employees evaluating what matters to them, individuals want to see clear paths for growth and success. Succession planning brings value for employees and employers alike. Employers benefit from stability and growth. Employees are more motivated, engaged, and committed when they see an investment in the development of their career and skills.

Implementing or enhancing succession planning shouldn’t be so daunting you put it off endlessly. Here are three areas to consider today:

Employee on-boarding. Does your new-hire training introduce your new employees to

your organization’s heritage, values, and vision? Does it invite them to picture themselves as part of that future? Properly done, orientation communicates organizational culture and charts a path for success.

Clear position descriptions. Each role in an organization should have an articulated list of skills needed to succeed and grow. Regular performance reviews should provide employees feedback

and invite them to set strategic goals.

Mentoring programs. Pairing an established leader with a new employee not only helps the new employee develop skills and feel more invested in the organization, it also prompts employees with longevity to remember why they are passionate about what they do.

If you would like to talk about strategies for holistic, long-term succession planning, contact us today to begin the conversation.