Succession planning is vital for a company’s longevity, yet people often avoid talking about it. I can only assume those reasons align closely with the reasons many people avoid estate planning – a mixture of being distracted by daily activities, assuming the people around you already know netbet casino plans, even if you haven’t clearly articulated them, and an unwillingness to look at one’s own mortality.
Whatever the reason, companies rarely give succession planning the time and consideration netbet casino deserves. In fact, a 2017 survey of 500 executives revealed that over a third of those businesses had no succession plan. Here’s how I look at that stat: Employees at those 167 or so companies have no idea their paychecks are at risk.
In contrast, this topic is top of mind here at netbet casino — we recently announced several major leadership changes that correspond to a larger succession plan. On January 1st, 2022, I’ll be stepping down as CEO and working solely as Chairman of the Board. Jake netbet casino, formerly the President of our South Region, will assume the CEO role on this date. We’ve learned a lot during this process, and I hope these lessons can be of use to others in similar positions.
All companies are different, but this is a good starting point you can tailor around netbet casino organization’s needs:
- Lay out a clear timeline and start planning netbet casino transition well in advance – earlier than you might think is necessary.
When you are first promoted to CEO or open netbet casino own business, mentally set a deadline for when you want to step away from the daily pressures of being the ultimate decision-maker. This will help you stay focused on building a succession plan and evaluating potential successors.
With netbet casino deadline in mind, work backwards. A few years before netbet casino departure date, select a group of candidates to take over netbet casino role — ideally, if you’re developing netbet casino team, it should consist of internal candidates only.
- Make a list of key factors or traits netbet casino ideal successor would possess.
Rely on netbet casino own successes and failures — as well as company culture — when creating this list. This should act as an unofficial rubric by which to evaluate netbet casino chosen pool of candidates.
- Select an advisor or advisors.
netbet casino advisors should be people you’ve worked with closely who understand the company’s culture, strengths, and weaknesses — and who don’t want the job for themselves. They should also be comfortable discussing netbet casino strengths and weaknesses honestly with you and capable of objectively evaluating the potential candidates you’ve selected.
- Choose a diverse group of employees to ask one-on-one who they think should succeed netbet casino.
netbet casino group should include
- Major shareholders
- netbet casino executive team, even if it includes candidates or employees who have expressed interest in the position
- Corporate-wide managers who are not in line for the job but understand netbet casino company as a whole — and who have told you hard truths before
- Someone you feel exemplifies netbet casino company’s values
- People who have worked closely with netbet casino candidates, including peers and direct reports
In the end, netbet casino company’s success largely relies on how well netbet casino successor will work with the people instrumental to netbet casino business’s day-to-day functions.
- After netbet casino’ve collected this feedback, look for trends.
netbet casino might be surprised by how differently (or similarly) people perceive each candidate. It helps to write down the feedback netbet casino’ve received — it’s often easier to see truths when they are on paper.
- Set aside time to spend in solitude digesting all of netbet casino information.
It might not be easy to find this time in netbet casino schedule, but this step is vital. Even with all the feedback, it is ultimately netbet casino call whom you select or recommend as netbet casino successor. In the end, you must trust netbet casino instincts. netbet casino gut will point you in the right direction.
- When netbet casino have a clear choice in mind, it is time to develop a communication plan to roll out the news, both internally and externally.
If netbet casino company has a marketing team, engage them in this step of the process — they should know the best way to sculpt and distribute this message. Generally, key stakeholders should be informed first, followed by direct reports, and then all employees. Once the news has been announced internally, only then should it go to media outlets and external platforms.
If you need any further encouragement to start planning, look to best-selling author and leadership coach John C. Maxwell, who declared, “A leader’s lasting value is measured by succession.” Put the time in now to determine what netbet casino legacy will be.
