The purpose of most companies is to create profits for the owners (those who invested money into the enterprise - not always just the founders).

Disruptions in management or programs tends to increase the risk of achieving that goal. One method for minimizing that risk is to look at who would step into the shoes of each person in your group if they were unable to work for the company for any reason (resigning, vacations, family emergency, serious accident, unexpected illness, etc.). This includes yourself!

Many top companies struggle with succession plans. Look at Viacom and Apple before Tim Cook as two examples routinely discussed in the press as not having strong succession plans. You can't let that happen to you. Not only should you discuss succession with your managers, but they should know who should step into each position in case of an emergency.

The key question to ask yourself and your managers is "Who is best suited to run the group in case the manager is not available?" If you can't identify a person, ask why not. Is it lack of skills or experience? The skills part is easier to remedy since training can be done. The experience part can be partially offset by including the person in some management decisions so he/she can gain experience. If no one in your group is capable of stepping up, then you need to make sure your next hire is senior enough to take over.

While succession planning is often discussed for management, it also applies to technical experts in your group. Cross-training can help reduce the risk caused by losing a key player, but again the planning should be done to ensure that all the risks have been identified and accounted for. Some financial institutions actually require that people with key money-handling responsibilities must take at least two consecutive weeks off each year. In addition to letting another pair of eyes review what is going on at that station, it also does the cross-training necessary so that if the primary person does leave or become incapacitated, the secondary can step right in with no additional training.

Finally, in larger companies, it is easer for you to get promoted if you have structured your group to be able to run under a new leader without missing a beat.

And if you do have a strong number two on your team, you will find vacations to be much more enjoyable.

-Don Burtis