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Posted by James Hawley, Executive Vice President, Veredus | Hays on Friday, May 22, 2015
A significant proportion of closely held US companies collapse after the founder leaves and according to the report by FMI/AGC ineffective succession planning is the cause.
Many entrepreneurial businesses have grown organically, reacting to the needs of local markets. However, having a clearly defined succession and growth plan for the key people in your business will help lay the foundation of a stronger leadership team.
Planning for change
Succession planning should be closely aligned with your business strategy. Construction is a project-based industry, however you can still create growth plans based around realistic scenarios and potential projects. Creating a dynamic strategy will allow your organization to remain nimble.
Do your succession plans align with your long-term business strategy?
Prevent gaps in your workforce
Ask yourself, who is ready to take on a leadership role today, in 12 months or in the next 2-3 years? Which of your baby boomer staff will be retiring this year or in the next 18 months? Mapping out staff movement will paint a clear picture of your workforce and help preempt and prepare for any potential gaps.
Is your business prepared for the skills gap due to your aging workforce?
Winning the competition for top talent
In Texas, competition is rife for top talent. Project managers are in high demand, specifically with 5-10 years’ experience. New developments in the medical, aviation and higher education sector in Houston are increasing pressure on the talent pool of estimators with 10+ years’ experience. Candidates say that the number one reason for leaving is that the project is finishing and there seems to be no next step within the company. So help keep your best people by sharing your plans for their career growth. Your succession plan doesn’t have to be a formal strategy, just make sure you tell your future leaders what role you see them taking as the company grows.
What kind of succession plans do you have in place for your future leadership team?
HAYS TOP TIP: Showcase your succession plan as part of your hiring process and outline the growth opportunities for each new hire. Candidates will feel a stronger affiliation for your company from the day one.
Join the conversation now or get in touch if you are looking to grow your team.
Find out more about James Hawley, Executive Vice President, an expert in Construction & Property.