Pinnacle Group

Importance of Succession Management

Have you ever stopped watching a favorite TV show because the main character has been replaced?

The sudden and unexpected death of Jim Henson (the voice of Kermit the Frog) is a popular example for organizations in understanding the importance of succession management. Henson Productions encountered a serious dilemma due to the fact that Henson was the sole voice of Kermit.

Many people questioned “Where can we find another Kermit?”; “How long will it be?” and most importantly “Why didn’t we plan for this?” Luckily Jim Henson’s son was able to step into the voice of Kermit, but it was more a coincidence rather than through succession management efforts. In order for your organization to insulate itself from the loss of critical talent, a back-up plan must be in place.

As a business leader, understanding the difference between replacement planning and succession management is crucial. Replacement Planning is a short-term solution to finding candidates to fill vacancies in a company. This is a reactive planning approach; Succession Management is about identifying and developing the talent needed for the future which is more of a proactive planning approach.

What can succession management do for an organization?

Ensures a planned approach to identifying individuals within the organization who possess skills and competencies that are aligned to the organization’s future strategic objectives.
Helps organizations avoid falling victim to the so-called “like me” problem; the stagnating practice whereby managers are biased to select staff like them, and therefore minimizing the opportunity for innovation and growth.
Save time and resources – it will take less time and expense to source talent to fill vacancies because the talent has already been identified and prepared..

As a business leader, it is our responsibility to protect and develop human capital. A well thought out Succession Management program will help you secure your future.

Contact Tricia Cellucci at 484.636.0027 x117 or at pcellucci@pinnaclegroupbrs.com for more information on implementing your company’s Succession Management program today.

Is your company positioned for success after you leave?

What would happen if you left your organization? What would you do if a key team member submitted their resignation?

All too often businesses wait until someone resigns, announces their retirement or is promoted to find a replacement. Then, and only then, do they consider what should happen next or who will assume the role.

Developing and maintaining a Succession Plan for all key positions within your organization is a critical leadership role. To start your thinking about succession planning, reflect on the following:

Who are your key contributors?
What skills and competencies do they possess?
How has the organization benefited from their contributions?
Who else in your organization possesses these same attributes?
What skill gaps exist today?
How will the absence of these skills and competencies impact company performance?
What will you do to close the gap?

Prepare for growth. Take a strategic approach to talent management. Plan for success.

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