How Coaching Supports Effective Business Succession Planning
Succession planning has always been a vital consideration for businesses of any size. No matter how well your business is running now, if you’re not focused on nurturing and developing talent to replace leaders and key employees when they leave or transition to another role, it’s hard to be assured of a secure future for the business.
Working with a succession planning coach strengthens leadership pipelines and helps businesses transition smoothly through growth or leadership changes.
Why succession planning?
The changing labor market of the last few years arguably makes succession planning more important than ever. The Institute for Economic Equity estimates that there were 3.3 million more retirees in the US as of October 2021 than in January 2020, far outstripping demographic trends, with veteran workers making up the bulk.
A strong succession and talent development plan based on your business strategy is therefore crucial to ensuring your key roles are always filled by people up to the task.
What this means is investing time and resources in attracting and retaining the right talent, identifying the skills your organization possesses as well as those it lacks, and putting focus and effort into your team’s development, training and coaching.
The advantages of coaching
Leadership and organizational coaching can play a pivotal role in your succession planning by preparing your future leaders, and your team as a whole, to develop the skills and dynamics your business will require going forward.
It can help you address skill gaps and develop the strong leadership pipelines you need to ensure the success of future succession processes.
The financial and operational benefits of coaching for businesses are well documented. The International Coaching Federation found in a 2009 study that 86% of companies that could calculate a return on investment had made back their initial investment or more. Among these, the median ROI was 7x their investment, while around one in five reported an ROI of 50x.
The same study found that 80% of individuals who worked with coaches reported increased self-confidence, and over 70% benefited from improved work performance, relationships, and more effective communication skills.
Data points to immediate benefits for your team members and your organization, but also to lasting, sustainable change and a higher likelihood of employees reaching their development goals and becoming the leaders and key players they need to become.
How can we help?
Grow Better Together can help make your transition planning as beneficial as possible through:
Consultation and guidance on creating a succession plan that works
We'll help you analyze your top strategic goals and the skills you'll need to achieve them. Then we'll work with you to identify the team members who best meet those skills and the development process that will best serve a seamless and productive succession.
Leadership and organizational coaching to support the changes
Leadership is a learned skill. Coaching is the perfect tool to prepare employees for the next step, helping them develop the skills they’ll need to hit the ground running in their new roles. Through coaching, we’ll also help you build a stronger, healthier team to support and bolster the transition.
And beyond that, we can:
Help you attract and retain the right talent
At the heart of developing the right leaders for succession is ensuring your company attracts and keeps hold of the talent it needs now and in the future. We’ll support you in your recruiting strategy by devising and implementing the strategies that will help your company do just that, with equity, diversity and inclusion at the core of our solutions.
Support and guide those approaching retirement
Transitioning towards retirement after decades in a role or with a company is a major step. A specialized transition coach can support leaders through the process, helping them reflect on what lies ahead and preparing them for a smooth and fulfilling transition.
Meet your succession planning coaches!
Our team brings together decades of experience and complementary expertise, which allows us to provide solutions that address every angle of your succession planning needs.
Let’s get started
Can we help your business prepare for the future? Schedule a call with us today and let’s find out.