Recent studies reveal lack of succession planning amongst CEO’s. 39 % of respondents cited that they have “zero” viable internal candidates *. I find this scary. A good leader should always have a good candidate at hand. Making sure that you have a good successor is like driving with a seatbelt. Addressing this problem when you are about to retire might be too late. On average, boards spend only 2 hours a year on CEO succession planning. What if something happens to the CEO? It would then leave a void in the organization.

A Leaders Responsibility

All leaders should think about leadership development at any level of the organization. If you feel indispensible at work, you should consider training one or more candidates for your job.  Why is this neglected in leadership? Is it fear for creating someone better than you?

12 Reasons why you should train your successor

1. You will be able to go on holiday with a good consciousness.
2. You can easily delegate more work, and know that it will be done.
3. You can have a day at the beach and actually turning of your cell phone.
4. Business will continue as usual if you get in an accident.
5. You can be promoted if you have someone to replace you.
6. You will become better as you now have someone to discuss problems with.
7. You will experience less stress.
8. You will make your employees better, at least a few of them.
9. You will get more done during the day.
10. Your company will be stronger in competition for new employees if you train for future leadership.
11. You will keep some of your employees longer, if they see the possibility for a promotion.
12. You will be a better leader.

There is no reason to leave leadership training only to the CEO positions. Think successor training at all levels of the organization.  

* Source: http://www.gsb.stanford.edu/news/headlines/2010-succession-planning.html

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