Succession Planning/Motivating Employees

[Montecarlo]

I’m FIish now, and about 1 year from ER.

I have two goals for the next year:
1) Increase net worth by about 100K
2) Setup my department for success, and repay the trust that was placed in me

Some more background.  I have been in my role for a little over a year.  It was a big step up in terms of responsibility and compensation.  A lot of people didn’t think I should get the role, but some key leaders fought for me.  I owe it to them to leave the department in a good spot.

I have three employees who report to me, each with teams of 10.  Two of them would be good candidates to replace me.  They are all older and more experienced in the industry.  They all have a high degree of intrinsic motivation, but sometimes it feels like we aren’t making progress fast enough, and aren’t always pulling in the same direction.

I have a desire to indicate to them my job will be open very soon, and some aggressive progress can increase their chances of promotion.  Worst that can happen is it will get around and I will be fired, and since our severance package is generous, I will also be FIREd.  I really think that is very low risk.

I’m thinking something like: “I didn’t take this job to cruise for five or ten years.  I saw a department that needed change.  We have accomplished a lot just give you and your peers more authority.  But there’s a long way to go.  Once we have accomplished the goals, I will be moving on to my next career phase, and I want you in the conversation to replace me.”

[thd7t]

I think that letting them know is a responsible course of action, but I also think that leadership reveals itself.  I don't believe that you have to tell them that you want them in the conversation.  They should see the opportunity on their own and capitalize on it.  They will need to, if they fill in your role. 

[Velexia]

Agree with thd7t. Also would have you consider 'prototyping' the position if you can with different projects for each of the people you think might make good candidates. See how they handle things. It's an on-the-job interview with training, but calling it prototyping means nothing is set in stone and both you AND they can try it out and see if the added pressure, responsibilities, etc fit.

[Playing with Fire UK]

Be careful that the candidates know that you aren't promising them the job as it won't be yours to give. It could backfire horribly if someone thought they needed to do XYZ and then lost out to an external hire.

Do you speak to them about their succession planning / training their teams too? It's highly demoralising to be told that you won't be getting a promotion because you are too difficult to replace.

[ender]

A good manager is always trying to setup their employees for success anyways.

Whether or not you have firm plans to leave after 1 year or not.