Title: Succession Planning: Reality vs. Imagination (Part 1 of 3)
Author: Nicole Murray
For the next few weeks, we will begin exploring a case study of the challenges business leaders often face when considering retirement. From a talent development perspective, succession planning includes leadership development and brings to the forefront many pitfalls and blind spots faced by business leaders today. It really does come down to false expectations vs reality.
Meet Frank Jones, fictitious founder, and CEO of Ajazz Manufacturing Inc. Frank founded Ajazz almost 30 years ago in his garage with an idea and has worked to build the company into a major bicycle component manufacturer. Currently, Ajazz offers over 30 different bicycle products with expansive ideas for future products, projects, and ventures.
However, Frank recently returned from his annual doctor’s visit with several serious health concerns and a recommendation that he retire within a year or less. Ajazz has been Frank’s passion and commitment for the better part of half his life. Therefore, the thought of sale or liquidation is out of the question. This means Frank must make some very difficult decisions soon in order for Ajazz to remain vital in the marketplace and maintain market share.
Does this scenario sound familiar? Ajazz is a profitable business with a bright future, but does it have a strong enough leadership “bench” to thrive beyond Frank’s retirement? Leadership bench as we use the term is having a list of qualified and competent leaders ready to step into senior leadership roles. Is there anyone who can take Frank’s place, and can he trust someone to take on the mantle of leadership? Many business owners and CEO’s find themselves in the same situation unexpectedly without a leadership succession plan.
According to research from a 2019 study, only 35% of businesses have a plan in place to develop leadership and ensure the long-term viability of their strategic success. This means that many organizations are woefully unprepared to transfer the mantle of leadership. That is why Potentia.works and Solutions At Work designed a unique program that guides organizations through the process of strategic succession planning and talent development.
Strategic Talent Solutions, or S3 as we coined it, is designed to help bring clarity and confidence to businesses of all sizes and industries. S3 is constructed in 3 distinctively adjoining phases. The program begins with a discovery phase which helps companies understand their unique talent needs according to their strategic goals. The second phase, talent analysis, and benchmarking, will be covered in the next post and followed with the third phase, talent development.
Stay tuned to hear more about Frank and Ajazz! In the meantime, you can visit our website, and find out in approximately 3-5 minutes how ready your organization is for succession. Visit https://mysolutionsatwork.com/solutions/s3-strategic-talent-solutions/
(Your privacy is important, and your information will not be shared.)