Succession Versus Retention

When growing your company and building your team, do you focus on retention or succession? Many of us have not spent enough time looking at either, so lets dive into these two crucial elements in more detail.

What Happens if Key Leaders Move On Abruptly?

People move no matter how hard you try to keep them. As a leader, are you prepared for people to move, do you have a plan in place?

Many of us don’t discuss our succession plans and what happens if a key players leaves abruptly. Not having a plan can cost your business and can hurt your company culture.

Succession is like insurance

Succession is like insurance, you hope to never claim, but when you need it, you’re thankful its there.

Start by making a list of the key roles in your company, what they handle, and what will happen if someone leads. How will you hire? How long will it take? And are there any risks?

A succession plan is like a will, it details what needs to happen when a specific event occurs.

A Positions Vs A Player

Many business leaders can list out their A Players, people who are great at what they do and help the business to succeed. But do you know your A Positions?

A Positions are the key roles in your company that need to be filled by A Players. They are vitally important positions that need to be filled with high performing individuals. Individuals that will likely be harder to replace should the need arise.

Part Of the Culture

A key part of a succession plan is a retention plan. If you can’t hold on to A Players, then your succession plan will be doomed. How do you retain key players? With a strong company culture.

People need to enjoy working with you and believe in what you are working towards. If they don’t believe in your vision, then they will be easily swayed by green pastures. Build a strong culture in which your team is embedded and feels purpose towards.