No matter who initiated the change, when you lose a CEO or other top executive, it can shake your organization to its core. However, by making a succession plan part of your management practice and employing a few well-considered tactics to smooth the transition, you can prevent disruption and ensure continuity.
Workforce Management. In times of transition, attrition is a serious risk. Employees may regard change in leadership as a sign of instability and no longer feel confident in their employment. They may proactively seek new positions rather than wait to see what happens under a new leadership.
When a top executive is handing over the reins to your successor, it is no time to lose staff. It is possible to avoid the fear and uncertainty that often come with change. Create a development plan for every employee. If they understand their own planned advancement within the company, they will be more comfortable with transitions at the executive level.
Executive Leadership. Since succession is inevitable, plans to replace leaders should begin from the first day. Every executive should identify candidates with the potential to replace them when the time comes. If there are internal employees with potential to grow into that position, take strides to prepare them to step in when required. Mentor them so they are ready when that day arrives. It could take many years, but the health of the company could depend on this level of preparation.
Executive Search Services. If a suitable candidate cannot be found in-house, consider turning to an executive search firm. Most companies have neither the time nor the resources to conduct such a search. A professional executive recruiter who understands your industry can search nationwide for the right fit for your organization. He can approach potential candidates confidentially, even if it means going to one of your competitors to find the right fit. The recruiter can even manage the transition from one company to the other once you have selected the best candidate.
Consider partnering with BrainWorks as you create your executive succession plan to prevent business disruption and help your staff deal with the realities of leadership transitions. For help recruiting and securing the highest level of talent for your organization, contact BrainWorks to learn more about our executive search services, read our related posts, or contact us today.