Succession Planning in Construction: Business Continuity
Why Succession Planning Matters
Succession planning in the Construction & Energy Industry ensures continuity of operations, leadership. Industry knowledge after key personnel are unavailable matters. It is critical for maintaining stability and growth in a highly competitive and ever-evolving industry.
Key Benefits of Succession Planning
Business Continuity – Smooth transitions of leadership.
Preservation of Knowledge – Retaining vital industry experience.
Leadership Development – Preparing the next generation of leaders.
Risk Mitigation – Reducing disruptions and loss of productivity.
Employee Retention – Showing a commitment to career growth.
Steps in Creating a Succession Plan
1. Identify Key Roles: Focus on roles & department leadership critical to the company's success, eg. HR, Sales & Accounting & Project Management.
2. Who is on staff? Develop and Train Potential Leaders or Start Looking Now
3. Create a Blueprint; Banking, Finance, Legal, Insurance. Cover your bases.
4. Monitor Progress Every Friday: Set regular check ins reviewing the plan and adjusting as needed.
Key Roles in Succession Planning for Construction & Energy Companies
Project Manager: The backbone of construction leadership. Successor needs management and technical skills.
Foreman: Responsible for managing teams on-site. Leadership and problem-solving capabilities are essential.
Site Supervisors: Oversee daily operations. Successors should be skilled in safety, scheduling, and logistics.
Estimators: Critical for budgeting and cost control. Successors must possess financial and analytical skills.
Best Practices for Successful Succession Planning
Start Early – Start your day before your competitors. Begin identifying successors long before the need arises.
Who is an Ally & Who is a Competitor?
Document Processes – Maintain detailed documentation of operational procedures and key project insights.
If you don’t have a business plan get one.
If you don’t have a Company Policy & Procedure Manual Get one.
Involve Key Stakeholders – Ensure leadership is actively engaged in the planning process.
Encourage Cross-Training – Ensure multiple team members can step into various roles if needed.
