Succession Planning for CEO positionArticle in Conscious Leadership - Succession Planning for CEO position Succession planning in organizations should occur well before the need for such plan is evident. One of the major business risks facing any organization is that of key personnel leaving. The following strategy is useful in planning for future key personnel succession
Key Personnel Transition strategy1. List all key personnel in the organization. Key personnel are defined as those individuals who have a significant impact on the achievement of the organization's vision and strategic plan.
2. List three types of names against each of the key personnel - a) Who can take over in the short term if a key person leaves. Identify internal staff as well as any outside prospects - b) Who is in line and being trained internally for possible succession in one year. If there is no-one suitable, identify names and contacts of outside potential candidates - c) Who is in line and being trained for possible succession in 3-5 years. If there is no-one suitable, identify names and contacts of outside potential candidates.
3. What is the optimum way to recruit a replacement. Identify and agree on advertising strategy, headhunting or internal replacement strategies Development and maintenance of this Key Personnel Transition strategy should form part of the CEO’s annual performance appraisal, and should include input from the Board and the CEO. Appendix 1 provides a form to assist in the development of the Key Personnel Transition strategy
Critical Path for implementing Succession Plan
Appendix 1: Key Personnel Transition Strategy: Confidential
About the author: Steven Bowman is an international speaker, best-selling author and a global leader in providing practical frameworks and comprehensive approaches to assist Boards and Senior Executive Teams to reach higher levels of conscious awareness in governance, leadership, strategy and risk. Author of Conscious Leadership-the Key to Success, and Prosperity Consciousness: Leading Yourself to Money with Conscious Awareness. . . . This article may be distributed or reproduced as long as the copyright and an active URL is included.
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