A New Approach to Executive Succession Planning

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If you are reading this you probably work with Executives. They have excessive amounts of talent, drive, determination, and skill. Almost too much. These attributes make them great leaders but …

If you are reading this you probably work with Executives. They have excessive amounts of talent, drive, determination, and skill. Almost too much. These attributes make them great leaders but often times it makes them struggle when leaving the company. This struggle impacts you & the company. There is a better way to manage executive succession planning.

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  • 1. I’m Leaving, What’s Next? Why HR Professionals Need to Take a New Approach to Executive Transitions.
  • 2. Hi there Work. Transition. Succeed. If you are reading this you probably work with Executives. They have excessive amounts of talent, drive, determination, and skill. Almost too much. These attributes make them great leaders but often times it makes them struggle when leaving the company. This struggle impacts you & the company. There is a better way to manage executive succession planning.
  • 3. Research We knew there was a better way to handle executive succession planning but we also knew that we had to start with a clean slate. Instead of interviewing you & your peers we interviewed the executives. We asked them about their thoughts, feelings, and emotions as they left their companies. Next are some of the most common statements we heard and tips that can help you. Back
  • 4. “I really like working. How am I suppose to fill my time?” Executive Tip: Instead of asking “What am I going to do?” start asking “Who do I want to be?”. The opportunities are endless. Back Next
  • 5. “I’m miserable at work but at least it gives me something to do.” Executive Tip: Take inventory of your assets (financial, education, knowledge, network, etc.). Then think about which ones transcend your current role. You will be surprised at how mobile you can be. Back Next
  • 6. “I don’t feel old and I have a lot to offer still.” Executive Tip: Yes you do have a lot to offer! Don’t take it personal that you are leaving the company. Traditional “retirement” does not have to apply. Back Next
  • 7. “Does anyone outside my company even know what I do?” Executive Tip: They probably don’t but that’s okay. Build your identity not on what you do but rather on who you are. This makes transitioning much easier. Back Next
  • 8. “How should I handle my comp & benefits?” Executive Tip: Work with professionals. Work with advisors who know you from a value standpoint and have the competency to deal with executive compensation and benefits. They should also have access to expertise that is outside of the financial realm and work in a collaborative manner. Back Next
  • 9. “Do I have enough money to maintain my family’s lifestyle?” Executive Tip: Same as the last tip. Work with a firm that can help you with calculating this. Also, realize that you can still partake in income generating activities that you enjoy. Back Next
  • 10. “I really don’t have a social network outside of work.” Executive Tip: This can be very difficult when the majority of your contacts are through business related activity. It is possible but you will have to make a conscious effort to get involved with others. Don’t let your pride hold you back. Back Next
  • 11. “I like being significant. Is this going to change?” Executive Tip: Absolutely not! You can be significant in many different ways and there are many organizations that would love to have access to your expertise. You just have to find them. Back Next
  • 12. “I can’t wait to retire. I really need a vacation.” Executive Tip: These are two different things. Needing a vacation is very different than wanting to retire. If all you need is a vacation take a few weeks off and recharge. Back Next
  • 13. “What’s next?” Executive Tip: Work with professionals who can help you figure out who you would like to be and then provide you the tools to make it happen. You shouldn’t have to do this on your own. Back Next
  • 14. Share Research. Educate. Spread. If you found this presentation useful, interesting, or helpful you should share it with others like you. If you want to learn more about Collaborative Legacy Partners and hear about how we are helping HR departments email, tweet, message, or call me today. Contact Andreas Scott: Phone – 612.315.2424 Email – Andreas.scott@clptransitions.com Twitter - @CLP_Transitions