Succession planning is the best strategy to prepare your condo board for inevitable director turnover. Here’s what happens when your board takes the time to invest in succession planning and why it’s the best strategy to maintain a high performing, engaged team of directors.

What is Succession Planning?

Succession planning for board members is a recruitment strategy that ensures you have qualified, willing condo board candidates trained and waiting in the wings. As condo board members retire, become sick, or move, you avoid being left shorthanded and unable to manage the roles and responsibilities of the team. Director candidates are ready to step into their role, creating a stronger, more effective board.

You Gain the Strength of Legacy Leadership

High board member churn prevents the exchange of knowledge between new and retiring board members. This invaluable information can only be gained from lessons learned by past board members.

When you invest in active succession planning, you pass on director experience through mentoring, sharing critical hands-on experience and advice. This is essential to empowering future candidates, strengthening your board through legacy leadership.

You Foster New Ideas and Approaches

If churn isn’t an issue, you might have the opposite effect — board stagnancy. Directors who have sat on condo boards year after year can develop and cling to outmoded views that reduce board efficiency. Recruiting director candidates in the succession planning process helps foster innovation through the sharing of ideas and bringing a new set of skills and experiences to the table. This can create a more energized, forward-looking board, excited about the prospect of creating a happier, more financially sound community.

You Reduce Workload

Although directors in training might not be full on-board members yet, they are in a position to take on some of the workload as well as becoming involved in essential committee tasks. This can alleviate pressures on board members, reducing the risk of burnout and possibly finding productivity opportunities to improve efficiency in the process.

Taking on a committee role can also raise awareness in the community about board candidacy, establishing their leadership and showcasing their commitment.

You Introduce Candidates to the Community

It can be difficult to determine whether an individual will not only make a suitable candidate, but also be accepted by the community in the role. Through succession planning and a nominating committee, you can find opportunities to introduce potential candidates to board members and residents.

Finding opportunities to share a candidate’s contributions through meeting announcements and newsletter mentions can help establish candidates as valued members of the community.

You Reduce Transition Time

Through succession planning, candidates start participating the moment they step into the role as an elected board member. They can also complete their mandatory Condominium of Ontario Authority director training at any time and at their own pace, so they are eligible to become a director without delay.

Succession planning helps maintain an effective board with limited disruptions and a smoother transition that empowers your board to succeed.

At CPO Management Inc., a property management company in Toronto and the GTA, our comprehensive suite of services includes the development of effective orientation packages customized for your condo corporation’s needs. Contact us today.