Do you want your business to fail as leaders change over time? Most people would quickly answer “no,” but business actions say the opposite. And doing the opposite is leaving your business future to chance.
Planning for leadership change is vital to future success. Some businesses like GE have legendary succession planning, and more businesses have processes in place for CEO succession. However, most businesses do not have much in the way of succession planning for other key positions.
Even if there is some level of succession planning, it is often just knowing who is available “right now” if a leader needs replacement. This misses the second key element of effective succession: building and maintaining a leadership “pipeline” that supplies great leadership candidates over time. The pipeline essentially provides the “fuel” that enables the succession “engine” to work.
There is no “best answer” for building a leadership pipeline. What each business needs depends on the particular business situation. This article provides some starting points for building the best pipeline for your business.
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