Successful organizations understand that succession planning is both an art and a science.
All too often, organizations react to the succession challenge too late. They wait for someone to step down or even worse, be removed. Then, and only then, do they consider who or what should happen next?
Succession planning needs to be part of every organization's strategy plan, reviewed annally and updated quarterly. And remember: succession planning is NOT just for the CEO! It's for every major contributor in your organization!
BOTTOMLINE: It is becoming increasingly more important that your leadership team develops a comprehensive perspective of the challenges and disciplines they are responsible for. Get out of reactionary mode - incorporate succession planning into your annual strategic plan.