3 Critical Succession Planning Myths to Bust in This New Era

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Succession planning has always been a good strategy to ensuring business continuity should something happen to key talent. Retirements, resignations, accidents, or other unfortunate surprises relating to critical talent, is a nature of running a business and life.

Lack of time, people resources or conflicting priorities serve to derail well intentioned thoughts towards creating one. While many businesses do not have a plan, it’s also common to see succession plans start and stop with executive leadership levels. I’ve found that there are many misconceptions about succession planning. It is critical to “myth-bust” and get plan as soon as possible.

3 Critical Succession Planning Myths to Bust

Myth #1: Succession Planning is for Executives or Leadership Levels Only

The truth is the key to success is having a plan that looks at all levels of the organization. Why?

Think of the one non-leadership person in your organization that keeps the machinery going. Or the people that have developed a great relationship with you customers. Or what about the person who is a strong influencer within your culture, an informal leader? What if they suddenly left for any reason with little to no warning? How much of your workforce will be ready to retire in the next 2-5 years?

Myth #2: Succession Planning is a One Time Event

Just like in everything in life and business, things change and constantly. Having a one-time event with a plan that sits on a shelf sets up your organization to be reactive to crisis moments. Best practice succession plans require long term commitment.

Myth #3: We’ve Got Time

These are famous last words before critical roles go vacant for any reason. As we’ve witnessed over the last few years…anything can happen. But when it comes to protecting our organization, employees, and customers…surprise is not an option.

You might be feeling overwhelmed by thought of all levels having a succession plan, let alone having one. It doesn’t have to be overwhelming. There are tactics to consider that will help you to develop a smart plan without wrecking your priorities set for the year.

Many of my HR leader colleagues tell me they are already priority strained and don’t have the people resources to get attention on this critical question. To relieve the strain relating to your people strategies…send me an email to Team@hrcsuite.com

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Tresha Moreland

Tresha Moreland is a 30-year organizational effectiveness and strategic workforce planning expert. She partners with business leaders to develop workplace strategies that achieve best-in-class results. She has held key organizational leadership roles in multiple industries such as manufacturing, distribution, retail, hospitality, and healthcare. Tresha is the founder and principal consultant of HR C-Suite, LLC (www.hrcsuite.com). HR C-Suite is a results-based HR strategy resource dedicated to connecting HR with business results. She has received a master’s degree in human resource management (MS) and a master’s degree in business administration (MBA). She has also earned a Senior Professional in Human Resources (SPHR), Six Sigma Black Belt Professional (SSBBP) Certification. She is also recognized as a Fellow with the American College Healthcare Executives with a FACHE designation.