Jeff Faulkner

Developing Key Management Bench Strenght
August 15, 2007

Succession transitions do not only occur when the business owner/leader departs and his role is filled with the right person, it also occurs when any key manager exits the business. 

Fundamentally, manager successor development is an exercise in developing bench strength. Developing bench strength accomplishes three main objectives. 

1. You are developing the next generation of managers to support the developing business owner/ leader successor.
2. You are positioning the business for growth. If you want to grow your business, you’ve gotta have competent, capable, and committed managers!
3. You are giving your business owner/leader successor and key manager successors the tools to be successful in the next generation, which is a good recipe for Succession Success_sm for the next generation.

Because it is rarely done correctly, managers usually get a little antsy when we start talking about succession. Their usual reaction is “I don’t want to work myself out of a job,” which is a natural response due to a poor sense of job security. In order to console their fears, use retention programs, such as supplemental executive retirement plans, as incentive for mentoring successor managers. Using a retention program will communicate to your senior managers that you value them as a key member of your team and you want them around for the long haul.

So, how do your managers go about developing replacements for their positions?

Establish a program for developing an internal talent pool by following the below steps:

1. Commit to succession - As the leader of the business, it’s your stewardship responsibility to prepare the business for ongoing success and continuity.
2. Understand and document the basic requirements you are looking for with each management position – What are the Behavior, Attitude, Skills, Knowledge, and Experience (BASKE_sm package) you are looking for?
3. Evaluate your prospective members of the talent pool by performing an analysis to identify performance and culture gaps in each prospective manager.
4. Help each prospective manager develop a program for closing the gap between their current performance and their potential performance.
5. Maintain a depth chart for a snapshot of where everyone is in their development process. This tool will allow you to know how ready they are for advancement or opportunity.

 When you work at developing a bench, you are building significant value in your business. 

Posted by Jeff Faulkner on August 15, 2007 | Comments (0)