A sudden change in company leadership can be good for a business in the long-term, but shake things up at first. When employees aren't prepared for the new regime, they may feel anxious about the possible future of the business, and the public could notice this as well. An article by Michelle Kozin that appeared on HR.BLR earlier this month examines the importance of proper succession management.
As she puts it, "management" is the key word here, as opposed to "planning," since the former refers to a more involved process that encompasses all of an executive transition, not just the immediate action of placing a new executive hire. In her eyes, this leaves the potential for an incoming candidate to be a poor fit for their organization.
Kozin describes one of the major benefits of management as the way it integrates analytics data for better results. She says that strong management is "characterized by identifying high potential employees early and engaging them in the succession process."
"This entails understanding their motivating needs, behavioral tendencies, skill strengths and weaknesses, and conducting ongoing discussions to ensure their development remains in line with their needs, capabilities, and career interests," she adds.
A retained executive search firm helps with succession by offering a comprehensive approach to placement. Within four to six weeks, these more dedicated specialists will submit a list of qualified candidates for review. What's more, a retained firm like YES Partners works before and after the search itself, taking time to get to know the company in the beginning and performing a follow-up at the end.
With this added sense of the full extent of recruitment, retained firms bring the skills to help the entirety of a CEO succession.
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