Choosing the right CEO candidate has a ripple effect on the majority of business decisions. The entire vision of varying business components is executed in a certain way. When it comes to succession planning, many businesses assemble a short list of potential candidates. Their capabilities and business goals are judged on specific criteria that often overlook several crucial factors. In their article for strategy+business, David Reimer and Adam Bryant share various tips to make succession planning a more inclusive and transparent process.
Tips to Improve Your Succession Planning Process
Prioritize Business Goals
Reimer and Bryant share how you can enhance succession planning:
Focus on strategy and its execution. It will help you understand the mindset of different CEO candidates based on how they plan to benefit the business.Enable a collective decision-making framework to choose the right candidate. Involving professionals from diverse work departments of your firm gives you a better perspective.Make the decision-making process transparent and follow a structure to avoid bias. Board members might look at certain candidates as potential risks. To overcome this issue, board members should look at facts objectively before they reach a conclusion.
Reduce the Impact of Bias on Succession Planning
You cannot eradicate the bias completely. However, you can plan to reduce its impact on the decision-making process. The board members committee and the candidates must be honest with their ideas and the evaluation process. Agree on creating some foundational questions and grade your candidates on them. The decision-making committee should rate the candidates independently and confidentially.
Follow the Rules
It is essential that everyone understand their responsibilities in the candidate selection process. The chief human resource officer (CHRO) and interim CEO must ensure that everyone follows the procedure.
Click on the link to read the original article: https://www.strategy-business.com/article/The-new-rules-of-succession-planning
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