The Tribune

CHAMBER VOICE

By Ian Ferguson

In every echelon of our society, we face this common dilemma: Businesses (private and public), religious sects, political parties and civic groups all fail to establish strategic succession plans to secure the future success and viability of their organisations.

Corporate leaders, Bishops, Pastors, politicians and other community leaders often operate with a sense of immortality, thinking that death or separation will not come. The Chamber Voice speaks loudly today in this ‘wake-up call’ discussion, in a bid to impress upon leaders of today to identify, equip and release the next generation of leaders for our national, corporate and community success.

Succession planning is the process of identifying and developing internal staff with the potential to fill key business leadership positions in the company (Wikipedia). Global research indicates that a formal succession plan where employees know they are being prepared for future roles in the organisation increases employee retention, loyalty, morale, productivity and satisfaction. We know the happy employee will create the happy customer who, in turn, becomes the repeat customer. Plainly speaking, companies with well thought-out and communicated succession plans fare better in the marketplace ,and there is a clear reflection in the bottom-line.

Up to this point we have not shared any new concepts. This is an old revelation. In fact, a number of Bahamian family-operated businesses have given us a template that works. The simple plan of succession for many was for the children to assume responsibility in advancing the business when the elders rendered themselves incapable.

While this model works beautifully and simply in sole proprietorships, there are more complexities where a larger number of persons is involved or in government-led organisations. So the question that looms, then, is why do so many in this business environment still operate without a plan of succession? Listen to the voices of dissention:

• We don’t have the talent on our team. These young people are simply not preparing themselves adequately to take over.

• I had to learn leadership and management the hard way; they have to learn as well. I am not prepared to offer on a platter what I had to sweat and toil over.

• I’m not ready to go, so I have to secure my job and keep all the knowledge I have. Call me insecure, but I have to look out for my interests.

• There is so much politics involved. No matter who I prepare that person may not get the job anyway.

The time has come for us to silence these voices. We hold the talent of so many in industry captive, as well as leave the progress of our organisations in the lurch, when we fail to affirm the skills of those in our employ. We must be deliberate in refusing to accept stagnation, mediocrity and inefficiency. Creating a plan of succession should not be an afterthought but, rather, a major component in the daily discussion at the executive roundtable. Establishing a Succession Plan for your company requires that you:

• Identify those with the potential to assume greater responsibility in the organisation.

• Provide critical development experiences to those that can move into key roles.

• Engage your company’s leadership in supporting the development of high-potential leaders, and hold them accountable for preparing more leaders.

• Build a database that can be used to make better staffing decisions for key jobs.

NB: Ian R. Ferguson was educated locally, regionally and internationally, having earned a Master’s Degree in Education from the University of Miami. During the course of his nearly 20 years in education, talent management and human resources, he has served both the public and private sector in senior management roles. He currently serves as manager of the Chamber Institute, and as a local consultant in the field, having assisted hundreds of local and regional businesses in improving business and service excellence through their human capital.