You are the member of a Board of Directors and your Chief Executive Officer (CEO) has just informed you that he/she is planning on retiring in the next 3 years. You never thought this day would come and as a result organizational panic begins to set in. Is this scenario fact or fiction?
In a recent article published in The Globe and Mail – Report on Business they identified this very same problem. So how do you deal with this issue?
Succession planning or succession development as I prefer to call it is the key in this situation. It is very clear that organizations need to begin the planning process ahead of time to allow for the proper transfer of knowledge to a successor. The current CEO needs to mentor his or her success over a period of time to ensure that they are ready to take the reins of the organization.
This article looks at a transition plan that spans three years and that is something that I agree with. You may have a plan in place but do you know how to implement it? The key to success in these situations is the development of the successor – hence the term “succession development”.
Does your organization have a succession plan in place? Have they implemented that plan with clearly defined learning plans for the successor? How is the knowledge that the incumbent has going to transfer?