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Succession Planning

Get Your Succession Plan Up To Speed

Succession planning is a lot like getting exercise. You don’t just do it once and call it done. It’s something that needs to be revisited regularly to keep you healthy. Succession planning, like exercise, also seems to fall into the category of something everyone knows they should do but no one actually does. But you want your organization to be healthy, so let’s get your succession plans up to speed. We say “speed” because it needs to move.

Succession planning is a lot like getting exercise. You don’t just do it once and call it done. It’s something that needs to be revisited regularly to keep you healthy. Succession planning, like exercise, also seems to fall into the category of something everyone knows they should do but no one actually does. But you want your organization to be healthy, so let’s get your succession plans up to speed. We say “speed” because it needs to move.

MAKE SURE MANAGEMENT CARES

Succession planning isn’t a one off thing, it takes time to build and cultivate; the people at the top of your organization must care so resources can be allocated to it and programs put into place. If your CEO doesn’t seem to care about succession planning, remind them of some great transitions that were made because it was planned, or some failures because it wasn’t.

Hint: There are many more examples of succession planning done badly than succession planning done well. Make sure you don’t fall into the first category.

SUCCESSION PLANNING SHOULD LOOK DIFFERENT AT EVERY LEVEL

The CEO isn’t the only vital role in your organization. Mid-level employees keep your business running smoothly too. For each level, you need to have a different plan. Each role is different and having successors lined up for all levels is essential.

Mid-level employees

Mid-level employees need to be prepared to make lateral moves if employees leave in another area. At this level, a cross-training approach might work best. Identify employees who would do well in different areas and make sure they get the training they need to do multiple jobs within the organization.

Cross-training will help you build stronger employees and also keep younger employees in lower level jobs engaged and learning. Your Millennial employees want to be challenged. Cross-training will challenge Gen Y to build new skills, keep them engaged and make them more functional employees.

High performance track employees

High performance track employees aren’t in leadership roles but they are doing more technical or higher level work, think engineers or accountants. Your high performing employees are probably involved in a critical part of a business process that you don’t want disrupted if they leave. Again, it’s important to cross-train your high performers, but with this group, that may include job shadowing, outside training or mentorship programs.

Involving Gen Xers in these programs will help you hold on to your talent. If you have a high performance Gen Xer who isn’t on a leadership track, they may see leaving your company as the only way to advance or make more money. Including them in your succession planning program will show them you value them and there are ways to get ahead without leaving.

Leadership track employees

Leadership track employees, your current and future leaders probably need the most mentoring and coaching to grow into the leaders you need. This level requires a more formalized plan, should have an outside and internal coach and strong commitment from management to see that development is followed through on. Leadership track employees should be given responsibility gradually in managing projects and people. Give them a chance to fail and learn from their failures.

Remember, the purpose of a succession plan is more than just names on a piece of paper, it’s about developing careers so those people are ready to lead when the time comes. Making and polishing a plan is a great start, but don’t think that means you’re. Action is the most important step, and when it comes to succession, those actions are ongoing.

Zs came of age in an era of disruption

In many ways, it’s symbolic that Generation Z is named after the last letter in the alphabet because their arrival marks the end of clearly defined roles, traditions, and experiences. After all, Gen Z is coming of age on the heels of what has been referred to as the most disruptive decade of the last century. America has become an increasingly changing and complex place.

For example:

  • ‍Zs were born into a “modern family era” in which highly involved dads help out at home, and the nuclear family model (two parents, married, with children) represent only 46% of American households.
  • ‍Zs are the first generation to be born into a world where everything physical, from people to places to pennies, has a digital equivalent.
  • From the time they were infants, Zs had access to mobile technology. As a result, their brains have been trained to absorb large amounts of information, and Zs are especially adept at shifting between skills and subject matter.
  • Zs tend to have crystal-clear memories of sitting up for the first time at six months old because they can easily and quickly reference the photos and videos their parents shared on social media or saved in the “cloud”. 

Members of this generation have undoubtedly been shaped by crisis and disruption. This generation will largely be responsible for confronting the aftermath of the Great Recession, high youth unemployment, the effects of climate change, terrorism, energy sustainability, and more. These dark events have undoubtedly made this generation more cautious and pragmatic, but they have also provided this generation with the inspiration to change the world – and their grit will likely allow them to do it.

Coming of age during disruption means that most Zs will be comfortable being the disruptors. While Millennials tend to be collaborative and innovative, this generation tends to be sincere, reflective, thick-skinned, and self-directed, and will likely approach work in much the same way.

Zs were raised to be competitive

In the era following World War II, Boomers (1946-1964) were born and eventually became the wealthiest, most prosperous generation in history. Raised to aspire for the American Dream, this very large generation moved into positions of power and influence, and served as the workforce majority for 34 years.

With the American Dream alive and well, Boomers had no reason to teach their children, mostly Millennials, about competition. Instead, they taught them to focus on academic achievement and to be team players because if everyone works hard, everyone can win.

Enter Generation X (1965-1981). In contrast Boomers, Xers came of age during a time when change and economic and political uncertainty began to take root. They have lived through four recessions, struggled with debt and economic decline most of their lives, and watched the best educated and accomplished generation of all time (Millennials) graduate during the Great Recession and become the most debt-ridden generation in history.

Gen Xers can be defined by their independence and anti-status quo approach to life, and they have taught their Gen Z children to be competitive, believing only the best can win. They have encouraged their children to be realists, finding something they are good at and aggressively pursuing it.

Xers have raised their Zs with an intense focus on competitiveness -- in academics, sports, and other activities. This approach to parenting has many implications, but one stands out in terms of business: Gen Z is likely to lead.

Millennials in the workplace created and aggressively advocated for collaborative work environments. In fact, their aversion to leadership has been so strong, some Millennials sought out companies that boasted boss-free or team-managed workplaces.

In contrast, Zs have been raised with an individualistic, realistic, and competitive nature. They have been taught the skills to successfully defy the norm. This means we’re going to see the pendulum shift away from collaborative workplaces towards a widespread demand for, and pursuit of, leadership development.

Zs are career-focused.

While Millennials have been criticized for their “delayed adulthood”, Gen Z is showing signs of “early adulthood”. Educators and parents often describe this generation as being more serious and contemplative about the world. Zs are thinking about their career paths and exposing themselves to career training at an earlier age than Millennials. It’s probable that some of this early onset of adulthood is caused by parents, who are pressuring their children to be competitive and successful and to avoid the debt that plagued both the Gen Xers and Millennials.

The numbers from our global research found 46% of Gen Z said they know what career to pursue and 51% have taken a class at school focused on their career interests. Forty percent joined an extracurricular program (team, club) based on their career interests.

Zs are seeking financial security. 

Zs have been shaped by the aftermath of the Great Recession. They watched Millennials become debt-ridden and are concerned about falling into the same trap. XYZ University’s survey results show 66% of Zs said financial stability is more important than doing work they enjoy, which is the exact opposite of Millennial survey results.  Also, 71% of survey-takers have a paying job.

Zs value leaders who are positive and trustworthy.

When presented a list of leadership traits, Zs ranked positive and trustworthy the highest. While Millennials and Gen Zs both value trust in a leader, Millennials usually cite collaboration and vision as most important. In other words, Millennials focus on the outcomes leaders inspire, whereas Zs are more likely to consider leaders’ attitudes and personalities. To Z, what leaders encourage others to do isn’t as valuable as how they make them feel.

 

Zs want to be challenged.

Both Millennials and Gen Zs place a very high value on feeling challenged and appreciated in the workplace. However, according to our survey results Millennials rank appreciation slightly higher than challenge, whereas Zs rank feeling challenged slightly higher than appreciation.

Time will tell how Zs go down in history, but we know this generation’s influence on history will be unlike any other.

 

Does your organization have what it takes to engage the next generation? Take this quiz to find out.

 

Sarah Sladek is CEO of XYZ University. Our generational intelligence can assist you with engaging and retaining young talent and members.

Sarah Sladek

Concerned about declining engagement in our nation’s membership associations, non-profits, and workplaces, Sarah Sladek founded XYZ University, the nation’s first and only generations-focused training and engagement strategy company, in 2002.

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