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Succession Planning: The Chess Game Every FinTech Business Needs To Master

Succession planning – it’s like playing chess, but instead of pieces on a board, you’re dealing with actual people and their careers.


What is Succession Planning?

As any seasoned chess player knows, in order to win a game of chess, one must carefully plan ahead and anticipate their opponent’s moves. Similarly, in the world of business, succession planning is crucial to ensure the continuity of leadership and maintain growth.

Succession planning is the process of getting your pawns in a row for the inevitable leadership changes that will come as your organization grows. And you better believe diversity and inclusion are key considerations; you don’t want to miss out on hiring the perfect candidate just because you’re stuck in the dark ages of white men-only leadership.

Think that last bit was a bit…(‘;’) well…

…According to a report from Deloitte, only a quarter of all leadership teams are made up of women and non-white workers, and as we’re talking now about this in relation to the FinTech sector, it really is time to change that.

This blog will describe the importance of succession planning, how it can be improved to include diversity and inclusion, and suggestions for how to lead your FinTech company like a boss.


Let’s Start With The Basics

Succession planning is the trapeze artist’s safety net when the ropes snap and leadership team is no longer able to lead the organisation. It’s the process of preparing for changes that may occur when current leadership is either lacking in fundamental skills or vision to steer the business in the right direction; think of it like buying insurance for your car: You hope you never have to use it, but you’re glad you have it when the time comes.


So, Why Is Succession Planning Important?

Well, it’s pretty simple. It helps your company prepare for leadership changes that may occur as it continues to grow, and let’s be honest, in FinTech, your number one priority is to enable growth.

It also helps ensure that employees feel prepared for leadership changes that may arise within certain transition points. Plus, it helps you avoid those awkward moments when you realize that you have no idea who’s in charge anymore. Not a good look.


So, How Do You Improve Succession Planning To Include Diversity And Inclusion Within Your Recruitment Process?

Sheesh, that was a mouthful.

Let’s break it down…

Start by asking yourself a few questions. Do employees feel included in the organization’s leadership? Are they comfortable sharing their views on company issues? Do you have a diverse workforce? If you answered “no” to any of these questions, it’s time to start making changes.

Here are six steps to take to incorporate diversity and inclusion into your succession plan:

Step 1: Identify where you need to lead

Are you feeling like you’re juggling too many balls? Maybe you need some more hands on deck. Take a good look at your organisation’s leadership and figure out where you could use some extra support.


Step 2: Now that’s a plan

As your business grows, so do your leadership needs. Similar to a game of whack-a-mole, where every time you knock one challenge down, another pops up, you need to stay on top of things, so create a plan that focuses on developing the skills your leaders need to succeed.


Step 3: Who’s next to take the reins?

Who’s ready to step up to the plate when your current leaders need a break? Don’t leave it up to chance – make a plan for who’s next in line to take the reins.


Step 4: Create a workforce analysis for future leaders

Look into the crystal ball and see what your leadership future holds! Figure out where you might be lacking in diversity and make sure you’re prepared to address those gaps.


Step 5: Keep up the investment

You can’t just set it and forget it – keep investing in the development of your leaders to make sure your business stays on track.


Step 6: Wrap it all up with a big ol’ bow of diversity and inclusion

The most effective way to attract diverse talent is to create an inclusive culture. Make sure your succession plan includes a focus on diversity and inclusion so you can keep growing and thriving for years to come.


Boom. Now you’re ready to lead your FinTech business into a bright and diverse future.

Don’t forget, succession planning is an ongoing process, so keep tweaking and adjusting until you have the perfect plan.

Just as in chess, it’s all about strategy and execution. In order to incorporate diversity and inclusion into your succession planning, you must be intentional and committed to the process. So, this may mean investing in diversity and inclusion training for your leadership team or implementing policies that ensure equal opportunity for all.

In conclusion, incorporating diversity and inclusion into your succession planning is a winning strategy. Just as a well-planned chess game leads to victory, a well-executed succession plan ensures the continuity of leadership and growth. So, let’s make diversity and inclusion our knight in shining armor and move towards a more inclusive and diverse leadership team.


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