Finding and hiring the right and qualified successor for your business is a necessary process that ensures the sustainability of your company. The entire process should be approached with due diligence to ensure that the appointed successor shares in your vision and can fulfill the business’s mission. The process of finding a successor falls within the broad concept of succession planning that ensures business continuity after your exit. Here is an idea of where to begin and how to proceed with choosing a business successor.
The first step involves setting the right strategy that will help advise your business on how to proceed. When developing a succession plan, you should have in mind a few essential facts, including the amount of time you have to find the successor, the business’s mission, vision, and goals, and the kind of successor you wish to hire for your business. Such a strategy helps ensure that the entire process is strategic and that it fulfills your business’s mandate.
Qualification vs. experience
When looking for a competent successor for your business, you should endeavor to go for a candidate that has the right set of qualifications to discharge the responsibilities, once appointed. Professional qualifications should never be overlooked as they determine a candidate’s ability to make a perfect fit for the position. In addition, you should pay attention to potential candidates’ experiences in an industry that relates to your business’s area of investment.
Explore options from within
In the process of looking for and shortlisting candidates, you will probably come across different recommendations from within your organization and outside. When looking for a smooth transition process, candidates from within the organization will be highly likely to succeed as compared to those from outside. Studies have shown that internally sourced staff are highly likely to be successful in managing the organization as compared to those hired from outside. Additional statistics indicate that 61 percent of external hires normally fail, get fired, or leave their appointments prematurely. This statistic should advise you to prefer going for candidates with great potential within your business.
Involve multiple parties
The process of looking for a perfect fit in succession is quite complicated and rigorous. You should involve a few senior members of your organization, including representatives from the top administration and the employees. This ensures that the ultimate candidate is not only thoroughly vetted but also gains the support of all members of the organization.