Harvard’s Executive Business Review Gives Tips on Succession Planning

Finding ideal successors for key leaders in any company can be a daunting task. Every company wants to be prepared for whatever fate may throw its way, but when it comes to deciding who will replace whom in executive roles, the process can be stymied. No candidate is perfect and no successor will ever be exactly the same as the previous executive in that position, so risk is always a factor. When planning succession, take these 2 tips from Harvard’s Executive Business Review:

• Be sure to measure only outcomes. Executives tend to focus a great deal on items that get measured and rewarded. Leadership ability should be something that is watched in management and measured. If it is not observed very carefully, then executives will simply have no relevant data with which to make decisions about succession.
• Keep succession simple: There is not need to make complicated criterion for executive assessment. The qualities found in great leadership are actually quite simple and straightforward, so follow your gut and keep criteria for succession simple and meaningful.

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