With the anticipated retirement of the baby-boomer generation and the emergence of young professionals, many organizations are faced with the overwhelming task of selecting their future leaders and actively transitioning them into key roles. As many will attest, a smooth transition cannot occur without proper planning and guidance from all stakeholders. Developing a succession plan is a necessary and crucial step in sustaining your organization and fulfilling your mission.
At Barnes Dennig’s most recent non-profit roundtable, a panel of local executives offered suggestions for identifying and selecting your organization’s future leaders:
- Identify the core competencies that are most important to your organization
- Build bench strength and ensure a ready supply of successors are available to you and your organization
- Look both inside and outside of the organization for potential leaders
- Enlist the help of a professional service firm to facilitate the search and identify top prospects
- Document your decisions, competencies and qualifications
- Review your plan on an annual basis and refine, if necessary
With these key points in mind, your organization will be able to identify and select the talent. However, keep in mind that succession planning does not stop once an individual is identified. Proper mentoring and education are necessary to ensure that individual has the tools and resources to continue your mission into the future.
If you make the investment now, it will pay huge dividends in the end.