Do you think a succession plan for your role, and for your organization overall, is important?
If so, what are you doing about it?
Some things to consider:
· According to ERC, research figures show that the number of people in leadership roles that plan to retire in the next few years is higher than the number of people entering the workforce.
· A study conducted by the Canadian Financial Executives Research Foundation (CFERF) found that, “only 40% of Canadian private companies have a clear business ownership succession plan in place.”
· According to a PWC report, there are substantial benefits to be gained by identifying talented employees – including those deep in the organization with specialized skills – and coordinating their training and development to prepare them for the future.
With this in mind, let’s explore opportunities to be more mindful of building your succession plan.
First, how often do you find yourself doing ‘stuff’ because if you just do it yourself, it will be done faster or ‘I know it will be done right’? Do you realize that while that could be true in the short term, in the long term you are robbing yourself of time to do other work? More high level, strategic and/or proactive work?
Further, you are robbing the team you lead the opportunity to take on new challenges and learn new skills that allow them grow, learn and evolve.
You may be thinking ‘yah great Scott but this is easier said than done. I’m busy and succession planning takes time’!
May I suggest, for the 3rd week in a row, Living Above the Line as a way to help you think about and build your succession plan.
One really easy way to build your succession plan is to
Yup - instead of doing it yourself, identify opportunities to ask questions. Instead of telling your team what to do, think about appropriate questions you could ask.
This Forbes article articulates this really well. The author suggests 3 main benefits of Asking vs Telling and the third is 'Asking enables others to lead'.
“When others are encouraged to bring their best thinking to the table, they demonstrate leadership regardless of their position or title. Enabling others to lead and then supporting them in growing their confidence and ability helps to create more leaders within an organization.”
In a recent coaching call, we were exploring the benefits the person I was working with received from using the Living Above the Line model. She used the term ‘purposeful delegation'. That’s a gooder.
Because she had an ‘a-ha moment and did a wonderful job of sharing her experience with me, here are my notes based on how she described the process from her perspective:
Looking at tasks from a different perspective. Less tactical, now more strategic
Inviting people to come along for the ride
When you give up control, people will work really hard and:
To increase your chances of being promoted and have an even ‘more awesomer’ (that’s a word!) high-performing team, invest your time in building an even better and stronger team of successors. Living Above the Line provides a simple and powerful model to guide you in that journey. It begins with something as simple as less doing and more asking.
(We offer a 60 minute webinar that further explains the Living Above the Line model and helps attendees better understand when and how to best implement this powerful tool.