Category: Succession

Theme parks have taken a hold on modern society. They provide relief, fun, encouragement and inspiration for people around the world. They dazzle with genius rides and carefully constructed creations like a forty-three foot long Lego Star Wars X-Wing. However, these entertainment giants aren’t built overnight and they certainly don’t build themselves, not so unlike professional leaders.

In searching for company leadership, modern companies are becoming more and more reliant on trying to lure established leaders. With the economic struggles facing society, organizations depend on proof of successful leadership in other companies when bringing in new recruits. However, this strategy more often than not results in troubled outcomes. By comparison, Legoland would likely see disastrous results if they recruited a Disney princess to head theme park design. Fictional or not, who could imagine a Disney princess accurately holding up the Lego brand? This isn’t to say that it’s always bad to bring an established leader into a company, but companies often do well to also search for leadership potential internally and utilize succession planning.

legloand credit jencu

Companies such as McDoanlds and LLBean have proven the power of effective succession planning. So how does one spot potential leadership? The tips below are helpful for the process.

6 Signs of a Potential Leader:

1)      Potential leaders interact with and engage people around them. They don’t hide behind a computer screen or avoid eye contact.

2)      Potential leaders are able to acknowledge mistakes, both their own and those of others. They’re also able to spin a positive light on negative situations and move forward to achieve goals.

3)      Potential leaders don’t say they are leaders and look for attention. Rather, potential leaders exude a team spirit and they focus on goals.

4)      Potential leaders exude confidence and clarity of thought both through verbal communication and body language. However, they are not boastful or prideful.

5)      Potential leaders are self-starters. They likely have a variety of experiences and background in an array of areas because they thirst to learn, grow and achieve.

6)      Potential leaders show a strong display of healthy and maintained relationships. They don’t struggle to provide references and have a strong network of friends, family and professional relationships.

 

The work doesn’t stop at finding leadership potential. Companies who see Fortune 500 success are those that go beyond recruiting leaders and focus on retaining employees through engagement efforts and development succession plans. Legoland didn’t build itself, and Bill Gates didn’t become one of the most successful leaders of modern times without being nourished through mentorship.

 

Photo Credit: Jencu

 

Related Reads:

Leadership Effectiveness: Strategic Planning
Strategic Planning: Similar to a Box of Chocolates
Leadership and Management Programs
It’s Succession Planning, Not the NFL Draft Results

This Blog has been featured by the West Orange Chamber of Commerce. Sources such as HLN have also been home to publications by Dr. Farnaz Namin-Hedayati and she has been cited by the Orlando Business Journal

Center for Work Life of Orlando, Florida is an award-winning executive development firm providing leadership and management training to executives and organizations. Our main services include executive coachingleadership developmentexecutive succession planningemotional intelligence trainingcareer planningstaff development, and communication in the workplace.

 

Not having a succession plan is risky, and 92% of organizations recognize the plight of foregoing one. Despite the proven success of succession plans at leading Fortune 500 companies, such as McDonalds and LL Bean, a recent study by The Rock Center for Corporate Governance at Stanford University and The Institute of Executive Development (IED) revealed that only 46% of respondents have a formal process for developing successor candidates for key executive positions. Meanwhile, statistics show that 40% of CEOs fail within their first 18 months. Like the NFL draft, companies swarm to grab outside candidates. They hardly stop to notice or nurture potential within their ranks. Or in many cases, organizations have failed to implement a successful recruiting structure for employees in the first place which leaves them few internal options. When done correctly, succession planning can help decrease the number of failures and benefit organizations in many ways.

Benefits of Succession Planningcredit SCA Svenska Cellulosa Aktiebolaget

  • Avoids chaos during leadership transitions
  • Helps individuals realize their goals and aspirations
  • Grows stability of the organization’s work culture
  • Strengthens skills through a mentorship model
  • Positively impacts the bottom-line
  • Often improves inter-departmental relationships

 

As the statics show, succession planning is a sore subject in the business world. Companies are struggling to successfully implement succession plans due to the slow economy, changing technology and ever evolving competition. Below is a Center for Work Life video with some quick tips to help organizations get back on track with succession planning.

 

 

Visit Center for Work Life’s Succession Development services page to learn more or get in touch here to start professional succession planning training.

 

Photo Credit: SCA Svenska Cellulosa Aktiebolaget

 

Related Reads:

Can I get a Big Mac with a side of Succession Planning?
Emerging Leaders Introduction
Leadership Qualities of Pepsi’s Indra Nooyi
Mark Zuckerberg’s Leadership Qualities

 

This Blog has been featured by the West Orange Chamber of Commerce. Sources such as HLN have also been home to publications by Dr. Farnaz Namin-Hedayati and she has been cited by the Orlando Business Journal

Center for Work Life of Orlando, Florida is an award-winning executive development firm providing leadership and management training to executives and organizations. Our main services include executive coachingleadership developmentexecutive succession planningemotional intelligence trainingcareer planningstaff development, and communication in the workplace.

 

 

 

Management Monday: Managing Succession Planning

McDonalds Public DomainMcDonalds may not be the business to ask about healthy eating habits, but they do know something about succession planning. They have come to understand the costs and mayhem that are repercussions of losing key roles in the organization. It is thanks to their succession development process that the sudden death of CEO Jim Cantalupo in 2004 did not leave the company shipwrecked without a captain. Charlie Bell, a leader from within the company was prepared to step into the CEO role right away, keeping the company on track. And even when he was tragically diagnosed with terminal cancer and resigned only eight months later, the company was equipped for the emergency with Jim Skinner ready to take charge. Had McDonalds not been prepared with a plan B and plan C, where would they be?

92% of organizations recognize that not having a plan is risky. Despite the proven success of succession plans at leading Fortune 500 companies, such as McDonalds and LL Bean, many companies still don’t have a plan in place.

What Prevents Companies from Creating Succession Plans?

1)      Not knowing succession planning is a viable option

2)      Board failing to prioritize succession

3)      Fear of budget limitation

4)      Failure to execute a plan correctly

5)      Neglecting succession training or resources

6)      Lack of time to put the plan in place

succession-planning-tips

 

Most of these obstacles are misunderstood or easily resolved. For example, the cost of hiring professionals to help develop an effective succession plan is far less than the cost of suffering from losing a CEO every five months. Below are some tips for organization’s to consider when it comes to succession planning.

 

3 Tips for Organizational Succession Planning:

  1. Recruit candidates whose goals align with company mission
  2. Foster leadership values in work culture
  3. Reward leaders and ensure they feel valued
  4. Never rush prospective leaders into their roles
  5. Outline clear policies and procedures for the succession process
  6. Consider having a back-up employee (or two) for every key company role at all times

 

Companies can implement these tactics with the help of expert internal Human Resources employees, or outside succession professionals. A good succession plan will leave every organization saying “I’m lovin’ it.”

 

This Blog has been featured by the West Orange Chamber of Commerce. Sources such as HLN have also been home to publications by Dr. Farnaz Namin-Hedayati and she has been cited by the Orlando Business Journal

 

Center for Work Life of Orlando, Florida is an award-winning executive development firm providing leadership and management training to executives and organizations. Our main services include executive coachingleadership developmentexecutive succession planningemotional intelligence trainingcareer planningstaff development, and communication in the workplace.

 

 

 

 

 

It is realistic to acknowledge that at some point, you may receive a promotion or have new job opportunities. When that time comes, have you thought about what seeds you will have planted so that your job duties are still fulfilled? Will you have trained a successor to fill your specific job title? Will you depart having developed the capabilities of co- workers whom can follow in your foot-steps?

Whichever route you take, leadership is vital. We all have opportunities to nourish leadership in others. The key is seeing leadership development opportunity in everyday situations; we call these situations “Seed Planting Opportunities.”

D400-0068-091.JonWarren

 

Seed Planting Opportunities:

  1. Failure – Framing failure may sound like a harsh approach. Still, it can be effective in testing resilience. This method is also a realistic training technique to prepare leaders for an important lesson. The lesson is that perfection is not what sustains a business. More so, it is persistence that sustains.  Let your key performers learn from their own mistakes.
  2. Change – Transition always brings change. Transition brings with it the opportunity to coach on leadership. Promotions or even new procedures present adjustment for the team, so look for someone enthusiastic to help smooth out the changes. This is fantastic leadership experience.
  3. Nurture – Capitalize on already existing skills and talents. This is a dual benefit technique. There are almost certainly individuals within the office with a specific technical as well as psycho-social expertise that could be of benefit to the organization and employees. Have those experts schedule short training meetings with the staff to pass on the information. Your expert gains leadership opportunities, and your staff gains new skills.
  4. Peacemaking – No doubt there are opinion clashes within your office. Because everyone has unique perspectives, there must be leaders who help everyone find a middle ground. That leader does not always have to be you. Look for opportunities to help employees facilitate dialogue. Help them practice conflict resolution. Not only will they gain crucial leadership skills, but the whole team will become more productive.
  5. Encouragement – It seems self explanatory, but can be so easily forgotten. One of the key complaints I hear from employees is “the principle is always more important than me.”  By becoming too busy creating the “perfect wheel” we can forget that the process is what creates the win and not the end.  Your strong leaders are ones that will stand up to you once in a while, so show them appreciation for doing so. The votes of confidence do wonders for your office morale and succession planning.

 

 

Related Reads:

Hermione: Leadership or Management?
Behavioral Interview Questions
The Next Oprah Winfrey
Employee Selection Services
Can I Get a Big Mac With a Side of Succession Planning?

 

This Blog has been featured by the West Orange Chamber of Commerce. Sources such as HLN have also been home to publications by Dr. Farnaz Namin-Hedayati and she has been cited by the Orlando Business Journal

 

Center for Work Life of Orlando, Florida is an award-winning executive development firm providing leadership and management training to executives and organizations. Our main services include executive coachingleadership developmentexecutive succession planningemotional intelligence trainingcareer planningstaff development, and communication in the workplace.

 

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