Election 2024: A Lesson in Succession Planning

As the US Presidential election draws near, the nation faces a pivotal moment, with six generations expected to flood the ballot boxes this November. Beyond social media banter on generational differences and following President Biden's recent withdrawal from the race, a pressing question emerges: "Who will guide us?”

While President Biden's sudden announcement over the weekend caused initial confusion and concern about Democratic leadership, this confusion and concern has been present across both major political parties in the U.S. for some time now.

Current Vice President Kamala Harris, the presumptive Democratic nominee, is expected to face former President Donald Trump, the oldest presidential nominee in American history. The need for a clear succession plan is evident on both sides of the aisle and raises concerns about political stability and governance.

Put simply, the public needs more critical information about succession planning in both major parties.

The same holds true for the businesses we lead and work in daily, as such an oversight can severely impact a corporation's viability.

What is Succession Planning?

Succession planning is the process of identifying the paramount positions within your organization and developing action plans for individuals to assume those roles.

With the average retirement age in America being 67 and the average of Fortune 500 CEOs sitting at age 57, corporations will be well served to start conversing about their next generation of leadership today.

As Trump and Biden have demonstrated, it is possible to work well past age 67; however, they also demonstrate a failure to plan.

On Sunday, July 21, 2024, President Biden announced that he would withdraw from the November election. The decision is said to come after the advice of Democratic Party leaders concerned about the President's capacity following the June 27th Presidential Debate. This decision is not as surprising as it is unprecedented and disruptive.

While President Biden has endorsed Vice President Kamala Harris to lead the party, there are merely 100+ days for her presidential candidacy to gain traction and take hold.

If Trump chooses to retire or has to bow out of the election for any reason, who is prepared to replace him? Who has been equipped with the skills, knowledge, and experience to carry forth the Republican Party's vision and secure voter confidence???

If your leadership team also draws a blank when discussing its next iteration, now is the time to start building a comprehensive succession plan.

Start by following this straightforward, 3-step approach to succession planning:

1. Determining the organization's long-term goals and the key positions needed to drive the work forward.?
2. Examining existing employees, employee resource groups (ERGs), and external sources to identify and secure individuals with the core competencies needed for continued business growth.??
3. Implementing a plan to engage and actively develop the talent of upcoming leaders.??

By all outward accounts, the political parties vying for the presidency thus far still need to establish a concrete internal succession plan, which could have deleterious results on the world stage.

In corporations, this lack of preparation can render an organization vulnerable to industry threats, unable to pursue new opportunities, and rendered irrelevant as the competition capitalizes on emerging consumer trends.

As the silver tsunami of retirement-aged workers continues to wave across North America, well-established corporate entities cannot rest on laurels or luck to survive. Instead, prioritizing the development and diversity within the younger generation of workers needs to be an intentional and active process.

By engaging the existing talent within the organization and employing inclusive, multigenerational recruitment practices, corporations can establish the variable lens needed to continue competing in global markets.

As the presidential campaigning ramps up in the coming weeks, there will undoubtedly be more leadership lessons to be gleaned.

A key takeaway so far is the importance of proactively preparing the leaders of tomorrow starting today, thus ensuring your organization is future-ready.??

Is cross-generational engagement part of your organization's succession planning??

Contact the RSE Team if you need support closing the generation gap.????

Raven Solomon Enterprises is a Diversity, Equity, and Inclusion education and consulting firm that aims to help organizations integrate DEI through exploration, motivation, and activation. Through a myriad of services (including Keynote Speaking, DEI Learning and Development, Strategic Advisory, and Leadership Coaching), RSE helps organizations make spaces more inclusive.