Succession planning: Every effective leader’s duty

Defined as the process wherein employees are recruited and trained from within the company with the objective to take on key leadership roles in the future, succession planning can be a delicate subject for executives in position. However, it is every successful leader’s responsibility to initiate the development of an effective succession plan.

Image source: insperity.com

Image source: leaderonomics.com

In the instance company leaders leave, retire, or die, a succession plan puts in position equipped, experienced, and competent employees. Merrill Private Wealth Management’s Patrick Dwyer, formerly of Merrill Lynch, believes that the arrangements for the employee to take charge of leadership requires training, talent development, and on-the-job trailing. This gives the employee the chance to learn and take a close look at the role being passed on to them.

Succession planning makes sure that there is no leadership gap following the exit or retirement of a leader. In family businesses, a succession plan ensures the continuation of an operation even after the retirement or death of the VIPs in the company. A key step towards achieving an effective succession plan is defining a company’s legacy. This would determine the next best person to lead the business.

Patrick Dwyer, previously with Merrill Lynch, says that every leader should strive for continuity. Leaders should also have the end in mind even at the beginning of developing a succession plan. This creates a perceivable growth path for employees who display leadership potential. It also ensures business success in the hands of new leaders.

In the world of business, it is important that people first invest in self-growth through education. Merrill Private Wealth Management’s Patrick Dwyer, formerly of Merrill Lynch, believes that education and effective succession planning are never a waste of time and can drive businesses and professionals toward success. Head over to this blog for more updates.