Wilbury Stratton's Succession Planning Process
What is Succession Planning?
The best companies build from a position of strength. They’re constantly questioning themselves, looking forwards, anticipating the next set of challenges . . . And what could be more challenging than hiring the best talent to lead your business?
Even when our clients are happy with their senior leaders – and they usually are – they know that the talent market never stands still. Times change. People leave. People retire. If you don’t have a plan in place for these inevitable events, you’ll soon slip behind your competitors.
At Wilbury Stratton, we have a plan. We provide our clients with visibility of the best professionals across a range of geographies and skill-sets. We earmark potential leaders in sales, risk, compliance, operations, IT, procurement and a host of other business-critical functions. We’ll often broker low-level discussions between our clients and these possible future hires. Such conversations might last several months or even years, but they ensure that when the time comes, any transfer of responsibilities is seamless, speedy and successful.
- Agree with client the specific future vacancies they are seeking to plan for; understand necessary hard/soft successor candidate qualities; agree timescales and level of confidentiality
- Identify potential candidates; engage with them to assess quality and understand their short- and longer-term career plans; introduce client company and proposition
- Meet/interview potential candidates
- Provide client with comprehensive report outlining relevant talent market and positioning individuals according to quality, career plans, pay, notice period, buy-outs, likely availability and perception of client brand
- Effect client/candidate introductions as appropriate
- Manage ongoing succession planning map as required, providing client with regular updates, typically on a bi-annual basis
- Succession Map - Senior Operations Leaders (UK Logistics Business)
- Female Leaders of Tomorrow - Rolling Map (European FMCG Company)
- C-Suite Talent Benchmarking & Succession Report (UK Asset Manager)
- Regional Leaders in HR (Global Media & Advertising Company)
- Senior Tax Accountants - Talent Mapping & Assessment Report (US Investment Bank)
Who do we speak to?
Succession planning needs to be approached with considerable delicacy. With this in mind, our sourcing calls are typically undertaken with the utmost care and discretion. Sources are likely to include:
- Targeted individuals
- Ex-colleagues and/or bosses of targeted individuals
- Current or former clients of targeted individuals
- Other relevant market professionals
- Industry journalists, market commentators etc.