Succession planning isn’t just for the people at the top anymore. While it remains of key importance in executive management it’s a business strategy that should trickle down to all types, and levels, of team members. When it comes to the “Top Brass” it can be damaging to have ignored this kind of advance planning, or worse, done a poor job of it. It can be costly in many ways: hurt the business through loss of sales, reduced moral and motivation internally, necessitate the hiring of costly consultants to assess the entire management chain and require slow and expensive retained searches to acquire the talent which you should already have on board.

It’s always easier to plan for possible staffing changes well in advance to avoid managing by crisis.

Succession Planning in Management

Management employees are proven go-getters. They’re in leadership roles for a wealth of reasons. While they look to achieve the next step of their career within the company, they also examine how their career objectives will impact their teams, and the business overall. Their long-range goals ideally support the company’s vision for the future.

Successful managers are also natural cultivators – they mentor their staff, foster development, and eventually, the successful advancement of an employee’s career. This is critical for succession planning, because an effective manager leaves their team in well-prepared hands when it’s time for them to embark on the next leg of their career journey. This also makes executive management’s decision on who will replace them in the chain of command easier, as promoting from within continues to build morale among the staff as well as the culture that a business can provide long-term careers for valuable employees.

Succession Planning as an Employee

As an employee, assuming that you are looking to build your career as part of the management team (and we realize not everyone does), you need to start with the first interview. Don’t be afraid to ask questions that make it clear that you are not looking for a job but a long-term opportunity. When you speak with your potential manager ask what their own growth plans are. Stress how you can help them achieve their goals. Demonstrate that you are capable but also understand timelines and the need for you to prove yourself.

Tenured employees want to motivate supervisors to recognize their abilities, potential, and goals, as well as how it will help them to achieve their own future growth. Ideally, employees that express the desire and skills for career advancement are paired with those previously mentioned “successful managers,” and can be filtered into the succession planning pipeline.

How Can KBW Help?

KBW Financial Staffing & Recruiting associates are proven experts in our field, which reaches far beyond just recruiting and placing. Across New England, KBW has helped companies of all sizes evaluate their unique growth needs, advise them on how to enable the company to expand to the next level, or help solve existing issues our clients may struggle with. When it comes to bringing in new talent, our team of knowledgeable recruiters help applicants to better understand their options, the impacts that each job opportunity brings with it and to understand the different company cultures that they may be entering.

Voted “Best Executive Search Firm” in Boston Business Journal’s Book of Lists for the past four years, KBW Financial Staffing & Recruiting has the resources necessary to identify and evaluate appropriate applicants at every level with the necessary skills, personality traits and desires to satisfy the client company’s needs.

About KBW Financial Staffing & Recruiting

KBW Financial Staffing & Recruiting is the leading provider of staffing and recruiting services in the areas of finance and accounting. Since 2005, KBW has provided thousands of clients with temporary and direct-hire staffing services throughout Greater Boston, New Hampshire, and Maine.

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About BANKW Staffing

Through its portfolio companies, KBW Financial Staffing & Recruiting, Alexander Technology Group, The Nagler Group, Sales Search Partners, and KNF&T Staffing Resources, BANKW Staffing, LLC is the leading regional provider of temporary and direct-hire staffing services in the areas of finance, accounting, information technology, office and administration, legal, human resources, and sales.

BANKW Staffing companies have received over 100 awards for rapid growth, business excellence, and workplace quality. Recognition includes Inc. 500, Boston Business Journal’s “Best Places to Work” and Business NH Magazine’s “Business of the Year”.

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