Expert Insights on Knowledge Transfer and Succession Planning

In any organization, it’s essential to ensure no one person holds too much responsibility or information by themselves. An especially powerful, capable or knowledgeable leader could get sick, leave to pursue a new challenge or decide to retire. And if that leader’s departure happens with little or no notice, it will leave the organization struggling to stay on track -- much less move forward.Every organization needs to prepare for unexpected departures with good succession planning and effective knowledge transfer measures. To help you understand the importance of knowledge transfer and succession planning -- and how to make them happen -- I’ve assembled a collection of articles and blog posts with valuable information and advice.What’s Lost When Experts Retire. Harvard Business Review: “Across the globe, there is a tsunami of Baby Boomer retirements. This is good news for them and for the younger colleagues who will take their place. But what does this mean in terms of losing business-critical, experience-based knowledge — what we call deep smarts? One organization reported that the next anticipated wave of almost 700 retirements would mean the loss of over 27,000 years of experience.”Closing Your Company’s 'Leadership Gap'. Fox Business: “Over the years, I’ve worked with many excellent leaders who take the more intuitive MBWA [management by wandering around] approach to assessing employee engagement and strategic alignment. In every instance, however, I observed several managers in their organizations who were masters at kissing up and kicking down. As a result, despite the best intentions of the leaders, they had managers working for them who were managers (individuals who could organize financial capital, people, tasks and processes) rather than leaders (managers who also had the ability to achieve high levels of employee engagement and strategic alignment).”6 Key Steps to Influencing Effective Knowledge Transfer in Your Business. Forbes: “Use systems. Technology can capture key information for later generations to use. They shouldn’t have to relearn what others discovered. By standing on the shoulders of those who have come before, newcomers can take the ball and run with it rather than spinning their wheels rehashing the same ground that’s already been covered.”10 Tips for Successful Succession Planning. Investors in People: “Don’t assume succession is a simple matter of a deputy stepping up to a leadership position when a leader retires. Deputies can sometimes be more used to working in the wake of their leader, and haven’t had enough opportunity to be challenged in the leadership role before actually stepping up to the position permanently. So invest in their learning, development and leadership training before that leader retires, and give them the opportunity to make key decisions, coached by their leader if necessary.”The Morning Risk Report: CEO Lessons From Thomas Cook, United Technologies. The Wall Street Journal: “‘What investors want to see is more transparency around succession planning,’ noted Richard Leblanc, professor of law, governance and ethics at York University, ‘You don’t just issue a press release and it’s a fait accompli.’ A fast and apparently seamless handoff to the new CEO doesn’t necessarily mean the right candidate is now on the job.”Want to learn more about knowledge transfer and succession planning? Read our new guide:Success Labs is a leadership development and management consulting firm in Baton Rouge, Louisiana. For more than 25 years, our expert team of consultants has worked with hundreds of companies to explore their business potential and improve their company and cultural performance. Contact us to get proactive about your people strategy.