A Succession Plan--The Yellow Brick Road For Careers

Why the Yellow Brick Road from the Wonderful World of Oz? Because it represents the best, most intelligent way to accomplish your career aspirations. I’ve always considered it speaks of moving ever closer to your destination through challenges. The truth is that being a successor is much like being on the yellow brick road—if you’re the heir apparent aligned with your aspirations.

ThriveWithNancy Podcast addresses the tricky points you run into daily as a woman executive. Nancy Fredericks shares all the secrets she's acquired as an experienced thought-leader. She's passionate about sharing practical, insider solutions with women executives to tap into on your way to achieving all of your career hopes and dreams. 

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Transcript

Speaker 1: 0:03

Welcome to Thrive with Nancy. You are know this podcast is for you, an executive woman wanting more from your career or you wouldn't even be tuning in on it. Are you ready to understand the full scope and ramifications of the succession plan? I liken to the yellow brick road of careers. Well, let's get to it. Why the yellow brick road from the wonderful world of Oz? Because it symbolizes the best, most intelligent way to accomplish your career aspirations I've always considered. It speaks of moving ever closer to your destination through challenges. The truth is that being a successor is much like on the yellow brick road. If you're the air apparent aligned with your aspirations, it takes you where you wanna go. We'll answer questions regarding how to be favored as the heir apparent and just as pertinent, does this pathway aid you in achieving your chosen career destination? If it doesn't sing to your heart, don't take a step on that yellow brick road succession plan. You'll never achieve a fulfilling career traveling someone else's desires for you. Hear that. It has to be your desires, your aspirations we'll peek at the benefits your company and you achieve through a succession plan. Last, I intend to help you gain six traction points you can adapt for yourself to accomplish this all important chosen one status. First, let's solidify why companies might wanna consider including succession planning as part of their policy if they haven't already. Put Simply Businesses profit when they pay attention to developing leadership in their organizations. Traditionally, corporations pay attention to the progression of their C-Suite executives and senior leaders. Yet research reveals that those who link their executives current and future development to lower levels in the organization are higher performers than those that don't. This approach becomes crucial. When the US Bureau of Labor Statistics discloses, there are already more than 9 million manager roles in the US workforce and bosses positions are expected to grow 8% between now and 2031. That's faster than the average increase for all other occupations. So effective influential leaders are golden in companies. We'll look at two benefits organizations experience with succession planning in place. The first benefit is reduction in turnover rates. Retention is good for a company. The reverse high turnover adds hard costs to running the business statistically for positions earning between 30 and 50,000 a year, the hit to the bottom line is 20% of the annual salary. While annual wages for highly educated executive positions can be up to 213%, that's 213%. I'll let you do the math in your head. <laugh> staggering, isn't it? Succession planning from the company's perspective clearly makes financial sense. The second benefit to an organization is employee disengagement. It is well known that Gallup studies expose that less than 30% of employees are engaged at some level in the organization, costing them big, big bucks. Again, according to Gallup, disengaged employees cost their company the equivalency of 18% of their annual salary. Other sources calculate losses up to 34% of disengaged employee salaries, whichever it is. No wonder succession plans are essential in a healthy organization because they do keep their executives in engaged and they do have their executives staying at their organizations for longer periods of time. The second focus I wanna address is let's examine what's in it for you. The executive to be listed on the succession plan. The first benefit for you is being on your boss's succession plan sends a clear message to everyone that you're on track. It's like receiving a big pat on the back. Nothing like a boost for your career growth and progression when you get on that all important succession plan. Second benefit to you being acknowledged raises your visibility in the organization and opens your prospects for increasing your skill levels. It also has you becoming more influential and it positions you in your company in a more weighty and positive way. It boosts your profile as it does. Senior leaders, stakeholders, and decision makers reward your abilities by opening opportunities for participating in what we call and look at as strategic initiatives or special projects. The third benefit to you is being part of a succession plan exposes you to diverse aspects of the organization's operation. It increases your business savvy and it has you preparing for your future as a leader. Internal mentors , sponsors, and external coaching provide broader skills and competency training opportunities tailored specifically for you. The third focus of succession planning is what can you do to be recognized, rewarded, and placed on the yellow brick road for your career? Well, the first idea is no surprise and worthy of being repeated deliver excellent results. No one gets a positive light shining on you when you're not getting the job done. You must consistently produce strategic objectives, drive business growth, and effectively lead teams not simply doing or producing project after project. Second, opportunity for you actively showcase your leadership competency. Demonstrate confidence. Be a decisive decision maker when navigating those complex issues in your organization and demonstrate the skill to inspire others in the big picture goals. Third, you have to generate visibility. Don't hide your proficiency under a bushel basket. How can you be visible and remain in integrity? Has to be the question that's drumming in your head. Volunteer for challenging assignments. Achieve strategic objectives, drive business growth and lead successful collaborative teams. Remember Dorothy cultivated strong strategic relationships that got her to Kansas. Is it time to do the same by internally and externally Developing networks? Actively engage with them, seek their guidance. This practice gains you champions throughout the journey, tipping the outcome in your favor. And don't forget to let these champions know what your aspirations are and ask for it as Dorothy did throughout her whole yellow brick road experience. Keeping quiet won't be helpful. Fifth idea for you. Never think you've made it. It's always necessary to develop additional skills or knowledge. And indeed, often you won't receive one aha after another as you first did when entering the marketplace. But each one of those ahas you receive today will leverage hugely throughout the organization as your role model. And last but not least, six, it will never hurt you if you support the concept of succession planning when discussed in the organization. You should be a fan of that concept. Did anything resonate with you that you intend to take on for yourself? I hope so. Succession planning is essential for anyone desiring to achieve a significant career. Isn't it time for you to get the yellow brick road working for you? For more women Executive Success Insights, check out all the free resources at my website. Thrive with Nancy. Here's what I know. If you don't interrupt your automatic business responses and way of being and get on a succession plan, the results you achieve rarely change your career. Aren't you more than ready to respond and react differently? It's more than time for you to consider the Your Executive Edge program that I offer. Check it out. It is where you and I create a full on partnership to better your professional career and have you achieving your aspirations. www.thrivewithnancy.com/executive/no successful executive ever makes it to the top or even arrives at their next destination alone. I'd love to be there with you.