Succession Planning
Efemini F-Awosika MCIPS CSCP
Leadership Coach for Procurement Managers Aspiring to Become Team Leaders ?? Successfully Managed Tenders and Contracts Worth Billions of Dollars ?? Executive Director, Roducate Ltd ?? Mother
One topic we don't emphasize enough as procurement leaders is succession planning.
Truth is, without an adequate succession plan, a lot can go wrong.
Simply put, succession planning is a critical component of an organizational strategy that ensures there is a pipeline of talent ready to step into key leadership roles when needed.
Welcome back to another edition of our newsletter.
In today's newsletter, we'll examine practical scenarios where succession planning plays a crucial role and provide some strategies for handling these scenarios:
?? Scenario 1: Picture a situation where you're tasked with identifying high-potential talent within your team to groom for future leadership roles.
Action Point: Utilize talent assessment tools such as performance evaluations, competency assessments, and 360-degree feedback to identify individuals with the potential to succeed in leadership roles. Prioritize high performing individuals with qualities such as strong communication skills, strategic thinking and a collaborative mindset.
?? Scenario 2: Your organization is experiencing rapid growth and there is an increasing demand for skilled procurement leaders to drive strategic initiatives.
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Action Point: Establish leadership development programs tailored specifically for procurement professionals to cultivate the skills and competencies needed for leadership roles. Offer rotational assignments, stretch assignments and project-based opportunities to expose emerging leaders to different aspects of procurement and develop their capabilities.
?? Scenario 3: One of your key procurement leaders is approaching retirement and there is a risk of losing critical institutional knowledge and expertise.
Action Point: Encourage retiring leaders to document their processes, workflows and key relationships; and facilitate knowledge-sharing sessions or mentorship opportunities with their successors. Develop formalized knowledge transfer processes to capture and transfer critical information, insights and best practices from outgoing leaders to their successors.
?? Scenario 4: Your organization is facing unexpected challenges such as a sudden leadership departure or a significant disruption in the procurement function.
Action Point: Identify backup candidates or interim leaders who can step in temporarily to fill key roles during transitional periods. Cross-train employees and delegate responsibilities to ensure continuity of operations and minimize the impact of unexpected events on procurement performance.
Remember that succession planning is not just about preparing for the future; it's about ensuring the long-term success and sustainability of the procurement function.
PS: If there are any particular procurement leadership topics you'd like me to cover in subsequent editions, do let me know.
In Pursuit of Excellence
12 个月Absolutely agree. Succession planning is a key process that supports businesses to scale and sustain growth. In any business excellence assessment, this has to be reviewed at the leadership level and from the risk management process perspective. There are different reasons attributed to the gaps identified in this process but many audits have revealed that the problem in most cases lies with insecurity and one's ability to delegate responsibilities.
Chief Executive Officer at LETAonline Global Services
12 个月How beneficial will it be, if succession planning can be inculcated into Nigerian government ???? because we situate and operate our business enterprises within Nigerian economy and beyond