We get it – as a top leader you have a lot on your plate, including ensuring both immediate and future business success, i.e. succession planning. While this is something that all businesses know is important, many have no formal plan in place. For others, they find that their succession plan is incomplete, and it falls apart when attempting to implement it. We want to make sure this doesn’t happen to you! Reference our blogs for previous recommendations, and read below to learn 3 ways project management can help top management with succession planning, successfully:
Helps implement a “top down” approach
A key to having a successful and executable succession plan is leading by example and having a top down approach. This means that all key leaders are involved not only in the planning, but the execution. Project management can help showcase the critical areas to focus this “top down” approach on, so that you can still complete the daily tasks and longer-term strategies your role demands.
Promotes stronger relationships with all employees
A key part of succession planning is understanding your employees and knowing their likelihood and commitment to stick around through changes. This involves having a healthy relationship with them to ensure you truly know, understand, and support them. Having this type of relationship can be hard when you’re someone who is dealing with very high-level business decisions, and not necessarily interacting with all employees on a daily basis. Project management helps bridge this gap, because it promotes an environment outside of normal “day to day” tasks and life, helping employees feel they can engage more honestly with upper management/CEO, and vice-versa.
Assists in finding where the “gaps” truly are
This is one we’ve discussed in other blogs but is so important we need to mention it again. An actionable succession plan must take into account where a company is missing key personnel or services. Project management is one of the only ways to get a true, honest assessment of current gaps. Utilizing this BEFORE the succession planning begins ensures you have all the facts and that you don’t waste time, money or resources.
While project management helps top leadership with more than succession planning, it is an important area to focus on because it has a huge impact on overall business sustainability. Our word of advice from 30 years’ of experience: take advantage of project management in the beginning and see the great results in the end – both for your company and your career.
Interested in learning more about how project management can help you? Contact our team at Kim@QuantumMark.com today!