Succession Planning - Kim Shark, Robert Half Finance & Accounting

Successful Succession Planning
“Planning is bringing the future into the present so that you can do something about it now.”
— Alan Lakein, author

If you’re one of the many baby-boom-age accounting and finance managers planning to retire in the next few years, have you thought about developing a succession plan? Surprisingly, few financial leaders have taken this prudent step. A majority (83 percent) of chief financial officers polled in a recent Robert Half International survey say they have not identified a successor for their positions.

Succession planning might seem like a low-priority endeavor during tough economic cycles, but it’s critical to prepare for contingencies — and protect your organization’s future — now. By training a protégé to fill your shoes, you’ll ensure a smooth transition and provide much-needed stability to your department during times of change. Here are some succession-planning tips:

Know what you’re looking for. The first step is to identify and prioritize the professional and personal qualities you consider most essential for success in your role. Your goal should be to identify a promising up-and-coming employee who has the potential to hone the full range of skills and abilities necessary to perform your job.

Offer exposure. Once you’ve identified your would-be successor, introduce him or her to situations and assignments common in your position. No matter how talented and sophisticated the protégé, professional development in advance of assuming the new role is key. For instance, you might boost the person’s visibility by encouraging him or her to tackle some high-profile responsibilities, such as reengineering an important business process or giving presentations to the company’s board or an important client.

Embrace mentorship. As your protégé wrestles with real-world management challenges, provide plenty of behind-the-scenes coaching and feedback. And be sure to facilitate the transfer of not just nuts-and-bolts insights for performing certain tasks and managing projects, but also the less-tangible institutional and “insider” knowledge you’ve acquired over time. Set regular dates to assess your protégé’s progress and offer your support as he or she gains the confidence and expertise necessary to lead the department or organization.

For more advice on management and career issues, listen to The Management Minute, Robert Half’s podcast series at www.rhi.com/podcasts. Submitted by Robert Half Finance & Accounting. Robert Half Finance & Accounting, a division of Robert Half International Inc., is the world's first and largest specialized financial recruiting service. The company has more than 360 offices worldwide and offers online job search services at www.roberthalffinance.com .