Transition at the top of the organizational level is one of the most crucial and risky steps in an organization’s lifetime. Whereas such changes are highly necessary, it is the responsibility of every outgoing chief executive officer to offer the best possible support to the incoming leadership. At the CEO, helping the new leaders ensures the overall success of the transitioning process. Success during such a process can add to the reputation of the outgoing CEO while providing a suitable platform for continued performance of the incoming team. What should the outgoing CEO do in support of the incoming leadership?
The first important step to take is for the outgoing CEO to set specific objectives that should be accomplished at the end of the transition process. The clear objectives serve as the guidelines that will help ensure a smooth succession process while ensuring that the change does not necessarily affect organizational performance.
Nurturing the new leaders
Even after the transitioning process is complete, it is important for the CEO to provide the necessary level of leadership and guidance. The idea here is to have the outgoing leader support the incoming leader with the best knowledge and tips on how to maintain focus. It has been established that nearly half of the leadership transitions often fail as a result of lack of proper transition guidance and follow-up. It is important to work together and nurture the incoming leadership.
All key stakeholders involved in the organizational management and performance should be consulted and involved during the actual transitioning process. The idea behind involving different stakeholders is to ensure that the incoming chief executive officer or leader will get a chance to be accorded the right level of support. Among the key stakeholders that should be consulted and involved in the transitioning process include employees and even shareholders.
Creating an accountability plan
Accountability during the organizational transitioning process is crucial in ensuring that any shared expectations are sufficiently met. When creating an accountability plan, one should focus on what needs to be accomplished and how it should be accomplished in the smoothest possible way. It is the responsibility of all members involved in the transition to fulfill their obligations in order to win the trust of all stakeholders involved.