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Tech Company Top Succession Planning Tips

February 3, 2016

Filed under: Business Succession Planning — Neel Shah @ 9:15 am

It’s not just tech companies that should pay attention to succession planning these days. In fact, increasing salary expectations, highly specialized skillsets, and lengthy searches for the ideal candidate are not isolated to the tech sector alone. With a major shift in demographics due to generational changes, a lot of companies are experiencing what’s known as a “leadership deficit”.

The good news is that with a little planning and foresight, leadership deficit doesn’t have to be a major challenge facing your tech company. shutterstock_331440044

 

First of all, don’t be afraid to break the mold when it comes to succession planning. Technology startup founders are usually the types to do it all, handling responsibilities like identifying additional markets, handling operations, leading development of strategy, and contributing to new technology. This means there are big shoes to fill when this person leaves.

Narrowing in on the skillsets you’ll need in the future, as opposed to those you used in the past, can help chart a better future for your company anyways. Beyond the start-up phase, it does not necessarily make sense to have a leader who handles everything. Keeping operational stability or attracting top talent, for example, may be more important qualities as the business evolves.

Succession planning is about more than who will replace the person at the top. Especially if the company ultimately goes public or is in a position to be acquired, management stability should be a common thread that goes throughout each of the units in the business.

Finally, don’t have a narrow scope for the pool of candidates. With the market the way it is, you should have multiple potential candidates to replace individuals in each position. This gives you some flexibility so that the unavailability of one candidate (or unrealistic salary expectations) don’t throw a wrench into your entire planning process.

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