The vast majority of executives haven’t identified a successor in the event they have to stop working unexpectedly, says a new survey by Robert Half Technology.
Read: When a co-owner dies
But a formal succession plan is critical for a firm’s long-term success. It also assists in retaining valued employees by making the transition as smooth as possible, says Lara Dodo, a regional vice-president of Robert Half Technology.
Tips on how to choose your successor:
1. Start early: Even if you doubt you’ll need a replacement soon, preparing someone to assume your duties creates a safety net in the event of an unforeseen absence or extended leave. Read: Succeeding your business
2. Keep an open mind: While the obvious successor may be your second in command, don’t overlook other promising employees. Have others provide insight on which staff members possess critical skills such as leadership abilities and technological aptitude.
3. Take a trial run: Have a potential successor assume some of your responsibilities during a vacation. While they gain experience, you’ll learn about their skills and see how prepared they are to take on a greater role. Read: Plan your succession before your next vacation