Leadership Vacancies: Succession Plan or Replacement Plan?

 Think about companies you know while growing up to be number one in their industry, but aren't existing again. Why? Your reason will be around these five elements: structure, process, strategy, people and technology. Let's focus on people. The ineptitude of the company to prepare successors to take on vital leadership roles have been the cause of their downfall.

Whether it is a sole proprietorship or big corporation, succession planning is essential to the long-term survival of a company. It's developing a pool of talent so that there are numerous qualified candidates throughout the organization to fill vacancies in leadership. While replacement planning works under the assumption that the structure of the organization will not change.

J.F Kennedy said that "change is the law of life. And those who look only at the past or present will miss the future." The problem with replacement planning is that it doesn't foresee a future of disruption. If you develop a leadership competency framework and equip employees with the essential knowledge, skills, and attitude for leadership roles, ultimately, you will have employees who understand the business, structure, process, and culture.
Succession planning pays!
Copied from The 5 Star Manager - Adebayo Adegun

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