Guest post by Steve Sellers
Succession Planning is important for organizations of all sizes and for many roles/positions throughout an organization. I recently facilitated a discussion regarding succession planning with a group of AENC members and several considerations emerged including the importance of planning for the transitions of key roles/positions and having frequent and honest communication – all with the goal of minimizing the impact of a transition. The following outlines steps that can be taken to plan for transitions for key positions, such as the CEO.
- Develop a CEO Succession/Search Plan – documentation of steps to be taken in the event that the CEO position is vacated
- Plan is maintained by the Board and updated annually
- Plan includes the assignment of an interim CEO, identification of internal candidates, selection of a search firm, and steps for a successful search
- The following should occur annually:
- Update the Company Strategic Plan
- Based on the Strategic Plan, update the CEO position description and desired skills/qualifications
- Complete a Performance Review with the CEO
- Include open discussions regarding career aspirations/plans
- Based on the updated position description and career aspirations/plans, create and implement a Development Plan
- Complete Performance Reviews for key management
- Include open discussions regarding career aspirations/plans (don’t assume the COO wants to be CEO)
- Based on their career aspirations, create and implement a Development Plan
Anderson & Associates (www.andersonexecsearch.com) is a retained search firm and has helped Associations recruit senior leadership. We also have assisted organizations with succession planning as outlined above. Please contact me at ssellers@andersonexecsearch.com for additional information regarding Succession Planning or LinkedIn: http://www.linkedin.com/pub/steve-sellers/3/6a0/48.
Posted by thompi217 
