Pub. 9 2020 Issue 2

13 s u mm e r | 2020 F E A T U R E the tracks in times of crisis. This also allows those in control (owners or directors) a bit of time to formu- late a long term leadership strategy. • Review succession plans for all C-Suite and Key Executive roles (CEO, CFO, COO, etc.) with regular frequency. Regular means no less than annually on a formal basis and more frequently if a planned orderly transition — such as a CEO retirement — is coming in the not- too-distant future. • Take a good look at existing talent development plans across your organization, especially those 2-3 levels below the top. What is being Then challenge them with special projects, new assignments and out-of-the-box opportunities to test them and to help them grow. Two-thirds of our recent CEO succes- sion projects arose from unplanned openings at the top — and this was before COVID-19’s full onset. We see such leadership transitions all the time in our business, and companies should work to minimize the impact of unforeseen leadership changes. Smooth transitions of power from within an organization are the least disruptive and are typically most effective when the rising talent has been well prepared. Unfortunately, unexpected things hap- pen and organizations need to be ready for leadership succession in good times and bad. Hopefully, one of the lessons from this global pandemic will be that more institutions will strengthen their succession planning efforts to protect themselves in the future better. Alan J. Kaplan is Founder and CEO of Kaplan Partners, a retained executive search and board advisory firm head - quartered in suburban Philadelphia. He can be reached at 610-642-5644 or alan@KaplanPartners.com. done to develop, coach, mentor, and strengthen the skills and leader- ship competencies of high potential talent within the institution? These employees are your most valuable workers and the ones with the most career options. Are you truly tak- ing care of their needs while also serving the organization’s future? • Centralize efforts at talent attrac- tion, retention and development across the organization. Succession is a multi-faceted endeavor and needs some level of consistent over- sight to make sure that key players are not falling through the cracks or being shortchanged. It happens all too often and perceived greater career upside is the single biggest reason why a high potential often leaves. Do you have a strategic HR leader to assist with these efforts? • Lastly, pay personal attention to those up-and-comers. If you’re a leader, whether the CEO, general manager, Owner or C-Suite Execu- tive, it’s your personal involvement with high potentials that makes them inclined to stick around. Let your rising stars know that they have a bright future and that you have plans for them. Regular com- munication does more than almost anything to keep them in the fold. We see such leadership transitions all the time in our business, and companies should work to minimize the impact of unforeseen leadership changes. Smooth transitions of power from within an organization are the least disruptive and are typically most effective when the rising talent has been well prepared.