What are the most important factors to consider when selecting a successor?

Selecting a successor involves crucial considerations. Understanding and embracing the company's vision and values rank high. Adaptability to changing market landscapes is vital, as is deep industry insight, leadership prowess, and the ability to motivate and lead existing teams. Long-term strategic aptitude and implementation skills are essential for steering the company. A seamless transition and building stakeholder trust also stand as paramount factors for successful succession planning.

A successor is ultimately responsible for continuing to drive growth of the organization by developing a sustaining competitive advantage vis a vis its rivals. This is what will define the successor's success. How he/she does this is contingent on being deliberate and mindful of the strategic choices and trade offs that are made.

Here is the list I use when I advise organizations on choosing from among candidates for senior leadership roles: Leadership Skills Strategic Visioning Adaptability and Learning Agility Industry Knowledge and Expertise Succession Planning and Development Effective Communication Emotional Intelligence Team Building and Collaboration Decision-Making Skills Ethical and Values Alignment: Financial Acumen Risk Management Success in Previous Roles Commitment to Diversity and Inclusion Stakeholder Relationship Management

?? Important factors to consider include: ?? Based on where the organization is in the life cycle - start-up, growth, maturity, decay - what type of leadership, mindset, competency and capabilities are required. ?? MC3 ???Mindset (4 success mindsets) ???Character ???Competency (functional) ???Capabilities ?? Based on the current MC3 of existing leadership team, whether to promote internally or to hire externally (the required MC3 not existing in the current organization)

The most important item is to choose leader who the people in the organization will follow. If you are replacing yourself, it’s not a prerequisite for the new to follow the organization’s strategy, or to lead in ways that you led. Good leadership is about teamwork and followership.

I would rate potential& readiness as well as ambition and willingness of the successor as important parameters in this decision. Succession Planning is a crucial part of Talent Management, which should be prioritised for critical, niche and senior roles (the roles that may have a larger impact on business). Other than assessing potential and readiness which could be done via a host of methods such as leadership assessments, 360 degree feedback & rotational assignments, it’s essential to understand the growth aspirations and willingness to assume a larger role of the identified successor too via a series of one-on-one conversations. This should be supplemented with requisite capability enhancement interventions.

A potential assessment with a cultural alignment and Business objective is must to identify the right talent to take up new responsibilities.

Avoid the trap of assessing potential successors against you in terms of STYLE. Your best successor might have a very different approach to leading and getting the job done. You are looking for someone who can do your job well, not for a clone.

You don’t choose a successor, you build one to your specific organizational needs. This takes years, but is the right way to do it.

??Assess potential via developmental programs (not training): ??Broader responsibilities assigned?to test growth and outward mindsets ??Short assignments overseas if possible to test open mindset (respect diversity) and character traits of grit and agility, able to deal with ambiguity ??Leading cross-functional to cross-division projects to test leadership without title (influence), humility, awareness of self-others-environment ?? Provide situational coaching based on above action-learning development ?? Recommend the potential successor to seek and obtain mentors based on development needs ?? Test for success mindsets, influence vs power, able to keep performance on track while having strong relationships

Successor's development is the key and has to be in line with organizational expectations with the role. A shadow program with real-time tasks/jobs/KPIs in hand will guide the successor to build his/her potential to take up more in future. A time-to-time review on the prescribed KPIs/jobs/targets will help the incumbent to perform to the expectations.

A key aspect is providing successors with multifaceted growth opportunities, from leading complex projects to engaging in cross-functional collaboration to hone their strategic and leadership skills. I place a strong emphasis on regular, constructive feedback and personalised coaching. This process identifies areas for improvement and reinforces strengths. Recognition of their efforts and achievements plays a critical role in motivating and affirming their potential. Equally important is ensuring access to vital resources and robust networks, which I facilitate. This comprehensive approach, combining practical experience with continuous support and learning, prepares successors to successfully navigate the challenges of C-level roles.

Choose your successors, assess who has the next nearest levels of potential for growth and then give them the responsibility to support the growth of the people who will take their place when they step up or move on. Firstly, this takes the pressure off of you to develop the whole team. Secondly, it gives you the tangible opportunities to teach everything you know to that person. With live examples, and observations that enable you to help them grow whilst supporting the succession planning of the whole team.

I've learned the importance of comprehensive development and support for successors, with a significant focus on stakeholder involvement. Engaging stakeholders in the selection process ensures a well-rounded perspective, crucial for finding a successor who aligns with the strategic needs and the culture of the organisation. I encourage open channels for stakeholder feedback throughout the process, allowing their insights to guide the development of the successor. This collaborative approach not only helps in selecting the right candidate, it also equips them with a deeper understanding of the business. This prepares them to excel in their role, fostering leadership that's both effective and resonant with the organisation's values.

I strongly suggest involving stakeholders in the selection process of a successor, which is crucial for ensuring a comprehensive and well-rounded decision. Stakeholders, who can include senior leaders, board members, employees, and sometimes even external partners, bring diverse perspectives and insights into the selection process. Involving stakeholders in selecting a successor ensures a more comprehensive and informed decision-making process. Their perspectives, insights, and participation contribute to the overall success of leadership development and succession planning within the organization.

Integrating stakeholders into succession planning is vital for the fluidity of leadership transitions. Initiate early involvement with key stakeholders to capture diverse insights and perspectives. This cultivates support and endorsement for the identified successor. Seek input from employees, clients, and board members to guarantee alignment with organizational objectives. Clear communication throughout the process not only fosters trust but also mitigates resistance. A collaborative strategy enhances decision-making and instills a collective sense of responsibility for the leadership transition.

Preparing a successor is a nuanced process, blending development with strategic transition planning. Crucial to this is a comprehensive development framework, where successors are given chances to build their skills through real-world challenges and mentorship. This practical exposure is paired with ongoing support, including regular feedback and coaching. Equally important is a well-structured transition plan. It begins with clear communication of roles and expectations and involves gradual handing over of responsibilities. This phased approach allows the successor to assimilate into their role effectively, minimizing disruptions and ensuring that the successor is equipped to drive the organisation forward with confidence and competence.

Ideally, the transition plan would be co-developed by the predecessor and successor. It needs not only a clear delineation of roles and responsibilities and a timeline for the handover, but also a unified voice between the parties to project stability amid the change process. Beyond the predecessor and successor, there should also be an identified individual or team who can support the execution of the transition plan. With both parties experiencing movement, this person or group can be a steady presence, minimizing organizational disruption.

Um dos grandes problemas em algumas organiza??es é a forma??o de sucessores. é algo que muitos líderes n?o pensam muito e isso prejudica sua própria carreira e até mesmo a empresa. Sua carreira quando você deseja mudar de área e percebe que n?o formou ninguém que possa assumir seu lugar e essa mudan?a n?o acontece ou demora mais. Já a empresa é impactada quando um líder solicita sua saída e concentrou nele muito conhecimento essencial que n?o foi passado para ninguém. Muito relevante que seja desenhado um plano formal e essa prepara??o seja contínua.

Your successor identification should be driven by the following factors, 1. Potential: has shown the skills of future roles in current assignments 2. Culture fitment: Lives the culture of the organization and arguably the best spokesperson of the same. 3. Stakeholders feedback: beyond your assessment and judgement what matters the most is the feedback of relevant stakeholders on him/her. 4. Hunger for the role: Potential, fitment etc are prerequisite for future role however what's fundamental is how hungry the successor is for the succession.

In my last role as a VP, this is how I created my replacement; - Planned a year in advance, selected 3 team members to be potential successor - Assigned them different roles & responsibilities - Provided them with talented individuals to work under them - Drafted a training plan alongside my potential replacements - Conducted simulation exercises - Let them lead the conversations with corporate clients - Facilitated their travels to the client's sites to gain first hand insights - Gathered feedback from their peers - Empowered them to take decision - Involved them in the hiring, training of new recruits - Gave them a training budget to spend on their respective teams - Invited them to shadow me in various meetings & discussions

The common mistake leaders make while choosing or preparing a successor is: The successor should be like me in terms of certain attributes like risk taking, taking people along, resilience etc The mistake here is the qualities that made you a success then may not make others successful now. Not because those qualities are not good; but because the time has changed and now it might demand a different combination of thought & skills. So; while choosing a successor, you must scan the current business environment along with the future plan first. Then it will be easier for you to become unbiased in your selection.

Key factors in selecting a successor include leadership skills, industry expertise, readiness, stakeholder alignment and cultural fit. Effective communication, commitment to innovation and proven performance are important aspects. Succession planning, risk management, and a long-term commitment from the successor are essential for a successful transition.