External Succession Planning: Including the Relevant Steps
Recently, I had a posting on succession management/planning, focusing on identifying and developing internal candidates for promotion to higher level positions.
ERE recently had an article focusing on external succession management/planning, wherein candidates external to the organization are considered for higher level positions.
The article argues that trends such as
The impending retirements of baby boomers (i.e. the aging workforce)
The increased turnover resulting from a growing economy
The surge in interest of becoming an entrepreneur
The lack of upward promotions available in recently merged or otherwise “lean” firms
Continued global expansion, which requires leaders with broader skill sets
often necessitate looking at external candidates.
The article continues by providing some examples:
For example, many Fortune 100 companies identify potential CEO candidates from other firms to supplement their own internal list. These candidates are identified and assessed well in advance of a specific need
Finally, the article states that external succession planning also:
looks for development opportunities in the form of job assignments outside the boundaries of the traditional organization. Such opportunities could occur with customers, vendors, strategic partners, and — if you are really bold — even competitors.
The second installment of the article discusses the basic steps in doing external succession management. Two steps seem particularly interesting: Identifying external talent and building a relationship with them.
