Whether you have no succession plan or want to update the plan you have, InveniasPartners can help. If a C-Suite executive or board member leaves, you're almost sure to face financial, operational and clinical consequences. If you've never planned for an executive's departure, you're likely to face even tougher challenges to leadership continuity and organizational performance—problems you could have avoided through a long-term investment in succession planning.
What’s Succession Planning?
“The old adage ‘People are your most important asset’ is wrong. People are not your most important asset. The right people are. Good to great depends on having the right people on the right bus at the right time.”
— Jim Collins, Good to Great
Succession planning is a journey, not a destination. It begins when an executive or board member departs a healthcare organization—either permanently or for longer than three months. (?) In other scenarios, you might design a succession planning process in anticipation of a planned retirement or the permanent departure of C-Suite executives, board members or key leaders.
Why Succession Planning?
Succession planning from InveniasPartners allows your organization to realize these benefits:
- Talent Match: Align strategic goals with executive and board talent, making sure you have the “right executives in the right place at the right time.”
- Qualified Candidates: Develop pools of qualified candidates to fill critical C-Suite executive and board positions—before you’re up against a wall.
- Leader Continuity: Establish leadership stability and continuity, the key to uninterrupted care delivery and sustained clinical, financial and operational performance.
- Career Development: Help executives and board members realize their career aspirations within your organization.
- Brain Drain: Avoid losing high-performing executives to competitors—across town or across the country.
- Executive Flexibility: Improve executives’ ability to respond to shifting industry pressures and trends.
- Knowledge Transfer: Build in time for the transfer of organization culture, meaning, knowledge and wisdom.
How Does Succession Planning Work?
Whether you’re in the market for an emergency succession plan or a plan that hinges on the departure or retirement of a C-Suite executive or board member, InveniasPartners offers support through its disciplined, multi-step process:
- Identify the departing executive’s opportunities and barriers.
- Update the executive’s job description: from objectives and challenges, to knowledge, skills and leadership traits.
- Form a succession planning committee.
- Develop an executive search strategy.
- Create a successor development plan.
- Communicate changes in leadership.
- Facilitate the transition of the new executive or board member.
Succession planning isn’t easy. You’ll need to evaluate existing plans, update job descriptions and share your plan with members of the C-Suite and board. It’s a process that calls for healthcare expertise and experience. Build your next succession plan with InveniasPartners. It’s the first step in ensuring stability, continuity and continued success.
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