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.

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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.

Key principles behind dynamic leadership

Any business benefits from employing dynamic leaders to keep the company competitive. With today’s market, being able to adjust quickly and efficiently can be the difference between being on top or losing out to competitors. This is why employees should be led by dynamic leaders who can draw out the potential of their peers and maximize efficiency. According to business expert Patrick Dwyer of Merrill Lynch, dynamic leaders are what drives businesses further. Here are some key principles behind dynamic leadership which you can employ in your business.

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The first principle of dynamic leadership is understanding that leadership is a process and not just a position. No matter how crucial a cog may be, it has to be connected to other cogs for the entire machine to function properly. Leadership isn’t defined by a corner office or a title but by the actions done every day.

Another principle of dynamic leadership is a great understanding of time and efficiency. A dynamic leader sees the loss differently. When a meeting is delayed regardless of whatever reason, a leader can see the value that was lost because of delays. At the same time, that same attitude is used to assess processes and make sure they are as efficient as possible.

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And in connection with efficiency, it’s a dynamic leader’s job to question everything. Even if work processes are showing great results, it’s necessary to know how they work. A dynamic leader should replicate successful processes to segments that need it, and at the same time, try to maximize other processes, even if they already yield great results.

According to Patrick Dwyer of Merrill Lynch, the survival of any company, regardless if they are on top or at the bottom, depends on how far dynamic leadership can take them.

In the world of business, it is important that people first invest in their self-growth through education. Patrick Dwyer of Merrill Lynch believes that it is never a waste of time to learn new skills. For more reads on leadership, visit this page.

Do’s and Don’ts for first time leaders at work

Taking on a leadership position may not be for everyone, but we all have to assume the mantle at some point in our lives, especially in the workplace. Being in charge of several people can be new to many employees. This change in dynamics ushers in a particular discipline with regard to interacting with non-executives.

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According to Patrick Dwyer of Merrill Lynch, leadership should be embraced through preparation. Here are some do’s and don’ts for first time leaders at work:

Don’t just give criticism. Give feedback There is a mountain of difference between explaining to a person where they went wrong than simply telling them outright that they are wrong. In business, It’s not always about getting things right. People managers have to account for the process that leads to the outcome. By providing feedback, leaders teach workers to improve their process and productivity.

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Don’t do it all. Learn to delegate We often complain about people not doing their part in group activities. But when it comes to work, a leader shouldn’t shoulder the bulk of the work simply out of obligation. Neither should he or she hand all the work to other people. A good leader should learn the ropes of delegation. This involves awareness of the strengths and competencies of other people and seeking out the best candidates for the tasks at hand.

Don’t rely on yourself for everything. Get a mentor In most corporate settings, even your boss has another boss to answer to. Patrick Dwyer of Merrill Lynch would insist that it’s not a sign of weakness to ask more experienced people for help. If you are new to a leadership position, find guidance from someone in fulfilling the role.

Just like any other profession, entrepreneurship requires specific skill sets to be obtained and mastered. Patrick Dwyer of Merrill Lynch encourages everyone to never stop learning. To read more about business leadership, visit this website.

Disengaged employees: How to deal with them

When it comes to disengaged employees, it’s always a battle between keeping them and firing them to cut an organization’s losses. But it’s undeniable that turnover is rather costly. Here are some small to big steps in addressing this kind of people in one’s team.

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Listen and investigate the problem: Let them say their piece and listen intently. Have them repeat what you think you heard to ensure clarity. Speak with each disengaged employee individually, skipping the small talk and letting each one know that you’re concerned about their situation and what to understand what’s happening and be of help.

Set goals together: If someone has already lost their focus in the workplace, it’s best to refocus their attention by introducing a deadline for a project and setting goals together. This way, you’ll gain buy-in and have something concrete to work toward.

Find out what they want: Ask what they really want out of their work and other areas of their life. Ask this question: if the problem you’re having would disappear tomorrow, would things be all right? This way you’ll understand the situation and what’s likely to happen between the employee and the organization in the future.

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Show them the big picture: Many times, employees become disengaged because they don’t know what’s going on above their heads. Remind them about the strategy and direction of the business, and let them know that they’re part of the overall objectives of the company.



Patrick Dwyer of Merrill Lynch is an advocate of both lifelong education and good business. He believes that any barrier to the growth of any business venture can be eliminated with education. For more articles like this, visit this page.

How education can reshape business goals

Continuing education is a direction toward which not a lot of business practitioners gravitate. Today corporate culture is slowly going through an awakening of sorts, one that encourages people in the career setting to take up further studies in their field. An education can actually reshape business goals. 

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Obviously, gathering more knowledge allows a person to join in the discussion of the most relevant trends in business. It’s a way to map out the corporate jungle, which can turn labyrinthine for someone unaware of upcoming challenges. Most discussions in MBA classes include present-world situations in the curriculum, which certainly provide a lot of insights. 

In such academic gatherings, it is quite common to belong to a diverse class of professionals from different fields. In a way, this is a space to foster good networking. However, more than the chance to become connected, what is more valuable is the exchange of various perspectives. 

All of this activity inevitably shapes an individual employee’s business goals, thanks to a better awareness of how things are in the business world. The end result is a more knowledgeable individual raring to apply a fresh set of skills to his work environment. 

It’s no surprise that people who never tire of the pursuit of learning end up being the ones who make quality decisions at work, which lead to better business goals. 

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Patrick Dwyer of Merrill Lynch shares that in the world of business, it is important for people to first invest in their self-growth through education. For more advice on continuing education, visit this page.

Fostering Business Growth Through Strategic Planning

Having a clear vision and plans is necessary for any organization to grow and succeed. When communicated clearly to every team member, the vision can unify all organizational levels. Each employee can then understand his part and role, and focus on efficiently delivering his tasks.

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A common vision and set of goals can also prevent any perceived interdepartmental competition, and fosters solidarity across the entire company. Flow of information can also be increased, as well as the pooling of resources from the different silos in the organization; thus, coordination will be seamless.

The definition of the vision, direction, goals, and tactics can be specified through the regular conduct of strategic planning. The management initiates this activity, and in coordination with the entire organization, uses this to tackle fundamental decisions and actions that determine what should be done – and why – in the foreseeable future, as well as the adjustments needed to respond to the changes in the environment.

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Strategic planning follows no single framework. However, it typically involves the following phases:

•   Assessment of the organization’s current situation, as well as the trends in the environment

•   Vision casting, and formulation of short- and long-term strategies in every level of the organization

•   Creation of action plan on how to execute strategies, and how to evaluate said strategies

Patrick Dwyer of Merrill Lynch understands that education is needed for entrepreneurs and managers to survive the harsh and often complicated world of business. For more of his insights, follow this Twitter page.