Why an integrated succession plan is key to reducing leadership risk
Being in the people business, Evolve has seen numerous and diverse approaches to leadership succession, and from a best practice perspective, here is where we have landed…
... an integrated succession plan comprising internal and external talent presents the best visibility of succession talent and the greatest insurance policy for leadership risk management.
An integrated succession plan is vital because it:
1. Offers the clearest picture of the best possible team at any given time
2. Compares actual bench strength against possible bench strength
3. Reduces risk by having a breadth of options when someone in a business critical role resigns
4. Enables better business continuity by increasing choice
5. Presents the opportunity to configure permutations of ‘best team’ by allowing you to move the ‘chess pieces’ around virtually
6. Allows you to ‘see’ what the competition’s talent looks like in your team
Evolve has come up with its own model of an integrated succession plan because succession and leadership risk management is the beating heart of our business. Our proprietary benchmarking methodology is known as the Intelligence Cycle.
The Intelligence Cycle is actually both a model and a solutions delivery process. Four distinct steps work in sequence to create this Cycle:
1. Direction (understanding the problem or challenge to be solved)
2. Collection (quantitative research and market mapping)
3. Collation (qualitative research and talent profiling)
4. Reporting (detailed reports outlining our findings and recommendations)
The model is powerful. Not only are we able to offer our clients a clear picture of the best possible team at any given time, we are able to contextualise the ‘virtual team’ in real-time business environments – we adjust and reflect the external talent profiles as required against any changes in:
1. The strategic, business and organisational direction; and
2. The composition, structure and performance of the leadership team.
The Intelligence Cycle data can also be further enhanced with actionable intelligence that significantly enhances competitive advantage.
In essence, a comprehensive integrated succession plan makes it possible for you to see the entire talent landscape in the context of your business – does your current succession plan offer you one single integrated lens?
Keen to see how it works? If you would like to learn more about the mechanisms of our Intelligence Cycle please contact us.