Developing a Succession Plan

CEO succession is a defining moment for any family-owned business. Family businesses account for more than 70% of global GDP, making leadership transitions critically important. In my latest article, co-authored with Avinash Goyal, Dr. Chaitali Mukherjee and Supriya Kamath, we explore how poorly managed transitions can erode both shareholder value and a family's legacy, while the most successful transitions act as catalysts for growth and renewal.   After analyzing 200 publicly traded family businesses and surveying 170 private family-owned businesses, we found that top-performing family-owned businesses (FOBs) excel through eleven key practices: five foundational and six distinctive. Foundational steps, such as evaluating multiple candidates and managing the transition as a project, set the stage. Distinctive practices, such as aligning family successors' roles to their strengths, anchoring non-family CEOs in the family's values, and empowering successors to think and act like owners, can make all the difference. Notably, when these practices are in place, revenue and EBITDA margins can rise by around four percentage points over five years post-succession.   What's striking is that transitions to family CEOs, when carefully managed, can deliver outsized returns, bucking the industry trend of post transition value erosion. The best transitions are treated as a long-term journey, often spanning 8 to 15 years, focused on leadership development, clear role definition, strong governance, and pragmatic planning.   How can family businesses turn a moment of risk into a springboard for renewal? Read more in our latest article 👉 https://lnkd.in/dQkcjrwH   #FamilyBusiness #Leadership #SuccessionPlanning #McKinsey

A Chair I spoke with recently put it bluntly: "We knew exactly when to let the CEO go. We had no idea who to bring in next." It gave me the idea to dig into that matter and share my thoughts. Boards have become quicker at exits than at entries. The hiring data makes us pause to reflect:   • 𝟮𝟯𝟰 𝗖𝗘𝗢𝘀 (+𝟭𝟲% 𝗬𝗢𝗬) 𝗼𝗳 𝗹𝗶𝘀𝘁𝗲𝗱 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗱𝗲𝗽𝗮𝗿𝘁𝗲𝗱 𝗶𝗻 𝟮𝟬𝟮𝟱: A second consecutive record year. (Russell Reynolds)   • 𝟰𝟬% 𝘁𝗼 𝟱𝟬% 𝗼𝗳 𝗻𝗲𝘄 𝗖𝗘𝗢𝘀 𝗳𝗮𝗶𝗹 𝘄𝗶𝘁𝗵𝗶𝗻 𝘁𝗵𝗲𝗶𝗿 𝗳𝗶𝗿𝘀𝘁 𝟭𝟴 𝗺𝗼𝗻𝘁𝗵𝘀 (Harvard Business Review, McKinsey)   • In the 𝗦&𝗣 𝟱𝟬𝟬, 𝗲𝘅𝘁𝗲𝗿𝗻𝗮𝗹 𝗵𝗶𝗿𝗲𝘀 𝗻𝗲𝗮𝗿𝗹𝘆 𝗱𝗼𝘂𝗯𝗹𝗲𝗱 𝗶𝗻 𝟮𝟬𝟮𝟱: The highest level in 8 years (The Conference Board) Here is what I believe Chairs and Directors should do differently: ✅ 𝗕𝘂𝗶𝗹𝗱 𝘁𝗵𝗲 𝗖𝗘𝗢 𝗽𝗿𝗼𝗳𝗶𝗹𝗲 𝗮𝗿𝗼𝘂𝗻𝗱 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗰𝗵𝗮𝗽𝘁𝗲𝗿, 𝗻𝗼𝘁 𝘁𝗵𝗲 𝗹𝗮𝘀𝘁 𝗼𝗻𝗲   • Define the profile against the strategy for the next 5 years, not the legacy of the previous 5   • Stress-test the profile against curiosity, agility, AI, geopolitics and disruption scenarios   • Example: When Starbucks hired Brian Niccol in 2024, the Board did not look for another coffee executive. It hired a proven turnaround leader from Chipotle. The stock jumped 25% on the day, and the "Back to Starbucks" strategy delivered the first positive quarter in seven. ✅ 𝗜𝗻𝘃𝗲𝘀𝘁 𝗲𝗮𝗿𝗹𝘆 𝗶𝗻 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝗹 𝗽𝗶𝗽𝗲𝗹𝗶𝗻𝗲𝘀   • Give high-potential leaders stretch P&Ls, cross-border roles and Board exposure   • Maintain a shortlist of 2 to 3 internal and 2 to 3 potential external candidates, refreshed annually   • Example: When Disney chose Josh D'Amaro to succeed Bob Iger in March 2026, the Board also elevated the runner-up, Dana Walden, to a newly created President role, protecting the pipeline and retaining top talent. ✅ 𝗛𝗶𝗿𝗲 𝗳𝗼𝗿 𝗳𝗶𝘁 𝗮𝗻𝗱 𝗷𝘂𝗱𝗴𝗺𝗲𝗻𝘁, 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝗿𝗲𝘀𝘂𝗺𝗲   • Run rigorous assessments: behavioral interviews, leadership simulations, deep referencing   • Test thoroughly cultural alignment: A CEO who fits the strategy but not the culture rarely survives 18 months   • Example: AIG's first-choice external CEO collapsed weeks before starting in 2025. A deep enough bench allowed them to pivot. ✅ 𝗧𝗿𝗲𝗮𝘁 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝟭𝟮 𝗺𝗼𝗻𝘁𝗵𝘀 𝗮𝘀 𝗽𝗮𝗿𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗵𝗶𝗿𝗲, 𝗻𝗼𝘁 𝘁𝗵𝗲 𝗮𝗳𝘁𝗲𝗿𝗺𝗮𝘁𝗵   • Run a structured 100-day onboarding plan owned by the Chair, with clear milestones   • Pair the new CEO with a peer mentor and an executive coach from day one   • Example: Heidrick & Struggles found structured onboarding cut new-leader failure rates from 40% to 10%. 💡 𝗜𝗳 𝘆𝗼𝘂𝗿 𝗕𝗼𝗮𝗿𝗱 𝗵𝗶𝗿𝗲𝗱 𝗮 𝗻𝗲𝘄 𝗖𝗘𝗢 𝘁𝗼𝗺𝗼𝗿𝗿𝗼𝘄, 𝘄𝗵𝗮𝘁 𝗶𝘀 𝗼𝗻𝗲 𝘁𝗵𝗶𝗻𝗴 𝗶𝘁 𝘀𝗵𝗼𝘂𝗹𝗱 𝗱𝗼 𝗯𝗲𝘁𝘁𝗲𝗿 𝘁𝗵𝗮𝗻 𝘁𝗵𝗲 𝗹𝗮𝘀𝘁 𝘁𝗶𝗺𝗲? #CorporateGovernance #BoardDirectors #CEOSuccession #BoardEffectiveness #Leadership

𝐒𝐢𝐱 𝐠𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬. 𝐎𝐧𝐞 𝐰𝐨𝐫𝐤𝐟𝐨𝐫𝐜𝐞. 𝐔𝐧𝐢𝐟𝐢𝐞𝐝 𝐧𝐨𝐭 𝐛𝐲 𝐚𝐠𝐞—𝐛𝐮𝐭 𝐛𝐲 𝐩𝐮𝐫𝐩𝐨𝐬𝐞. I believed leadership meant setting direction and ensuring alignment. But over time—I’ve come to see that real leadership isn’t just about strategy. It’s about 𝘤𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘰𝘯. That truth has never been more relevant than it is today. For the first time in modern history, 𝐬𝐢𝐱 𝐠𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐜𝐨𝐞𝐱𝐢𝐬𝐭 𝐢𝐧 𝐭𝐡𝐞 𝐰𝐨𝐫𝐤𝐟𝐨𝐫𝐜𝐞. It’s a leadership challenge few of us were trained for. 🔹 𝐒𝐢𝐥𝐞𝐧𝐭 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 (pre-1946): Still serving on boards; shaped by duty and discipline. 🔹 𝐁𝐚𝐛𝐲 𝐁𝐨𝐨𝐦𝐞𝐫𝐬 (1946–1964): ~12% of today’s workforce; value stability, loyalty, and legacy. 🔹 𝐆𝐞𝐧 𝐗 (1965–1980): ~27%; independent, pragmatic, delivery-focused. 🔹 𝐌𝐢𝐥𝐥𝐞𝐧𝐧𝐢𝐚𝐥𝐬 (1981–1996): ~34%; purpose-driven, collaborative, growth-oriented. 🔹 𝐆𝐞𝐧 𝐙 (1997–2012): ~27%; inclusive, tech-native, values transparency. 🔹 𝐆𝐞𝐧 𝐀𝐥𝐩𝐡𝐚 (post-2012): The emerging workforce—digital-first, fast-learning, entrepreneurial. These differences show up in how we work: → Senior leaders value hierarchy; Gen Z favors flat structures. → Boomers seek recognition; Gen X wants autonomy; Millennials want meaning; Gen Z asks, “𝘞𝘩𝘺?” → Gen Alpha? They're learning, building, and questioning earlier than ever. What feels like friction is often just generational dissonance. In a recent HBR piece, put it well: “𝘠𝘰𝘶 𝘤𝘢𝘯’𝘵 𝘪𝘯𝘴𝘱𝘪𝘳𝘦 𝘢 𝘮𝘶𝘭𝘵𝘪𝘨𝘦𝘯𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘸𝘰𝘳𝘬𝘧𝘰𝘳𝘤𝘦 𝘶𝘯𝘭𝘦𝘴𝘴 𝘺𝘰𝘶 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥 𝘸𝘩𝘢𝘵 𝘪𝘯𝘴𝘱𝘪𝘳𝘦𝘴 𝘵𝘩𝘦𝘮.” That’s the shift we need as leaders: From uniformity → to personalization From authority → to empathy From legacy leadership → to 𝘭𝘪𝘷𝘪𝘯𝘨 leadership I now ask myself not just, “Am I leading well?” but “Am I leading 𝘳𝘦𝘭𝘦𝘷𝘢𝘯𝘵𝘭𝘺?” Because when we adapt our style—not our standards—we help every generation contribute at their best. Great leadership today means adapting with intention and embracing what makes each generation thrive. 𝐏𝐮𝐫𝐩𝐨𝐬𝐞 𝐀𝐥𝐢𝐠𝐧𝐦𝐞𝐧𝐭: Connecting individual roles to a broader organizational mission fosters engagement across all generations. 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Recognize and adapt to the preferred communication styles of each generation to enhance collaboration. 𝐅𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐖𝐨𝐫𝐤 𝐀𝐫𝐫𝐚𝐧𝐠𝐞𝐦𝐞𝐧𝐭𝐬: Offering flexibility can address the diverse needs and expectations of a multigenerational team. 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐨𝐮𝐬 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬: Promote a culture of lifelong learning to support professional development for all age groups. What shift have you made to better lead across generations? #HarveysLeadershipRhythms #ThoughtsWithHarvey #ExecutiveLeadership #TheLeadershipSignal #GenerationalLeadership #LeadershipReflections #LeadWithIntention #MultigenerationalWorkforce #LeadershipCue #Mentorship

What actually makes a good career development conversation? Hint: It’s not an adhoc agenda item sprung on you during a standard one-on-one with your line manager! A truly meaningful career discussion requires dedicated time, thoughtful preparation, and radical honesty from both sides. If you're putting one on the calendar soon, here are three questions I highly recommend introducing to move past the usual scripts: "𝐖𝐡𝐚𝐭 𝐝𝐨 𝐲𝐨𝐮 𝐰𝐚𝐧𝐭 𝐭𝐨 𝐥𝐞𝐚𝐫𝐧 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐫𝐨𝐥𝐞?" Growth doesn't always mean moving to a new team; it can mean expanding your network or building a new capability right where you are. It can also mean creating opportunities for others on your team.  Need to make time to take on a new assignment that helps your growth? Consider transitioning a project or responsibility to someone else on your team to help them build their capabilities. "𝐇𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 𝐥𝐢𝐤𝐞 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐜𝐨𝐠𝐧𝐢𝐳𝐞𝐝?" We make too many corporate assumptions here. Is it about financial reward, public praise, more responsibility or a quiet thank you? Ask directly and answer honestly. "𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐲𝐨𝐮𝐫 𝐰𝐨𝐫𝐤-𝐥𝐢𝐟𝐞 𝐛𝐚𝐥𝐚𝐧𝐜𝐞 𝐥𝐨𝐨𝐤 𝐥𝐢𝐤𝐞 𝐫𝐢𝐠𝐡𝐭 𝐧𝐨𝐰?" Careers are marathons not sprints, and they happen against the backdrop of real life. Whether it's caring for young children (or elderly parents) or navigating personal challenges, your development plan needs to reflect your current season of life. Growth doesn’t have to look just one way. Career conversations are a shared responsibility and a continuous partnership. If you invest the time in having a thoughtful conversation, you may be surprised at the outcome! #LeadershipLessons

If you had a sudden vacancy in your executive ranks tomorrow, would you trust the candidates your current succession plan surfaced? What if the role needs filling three years from now? Five? It’s a question that’s been coming up as we talk to CHROs about Future Leaders, and an article in the FT yesterday brought the question into sharp relief for me. In it, Mark Freebairn, partner and head of the board, chair and non-executive director practice at search firm Odgers, says: “If I’m a chair, I have to think that there is a world where the CEO goes tomorrow, there’s a world where the CEO goes in two years and a world where the CEO goes in five. And so I need to have a constant evolution of succession within my leadership team that could answer any of those three questions.” In other words, companies need a flow of insight that shows not only who is standing in the warm-up box (to borrow a phrase from my Red Sox-loving colleagues) but also where every player on the roster stands, at any given moment, and how they can best be cultivated for their place in executive succession. Author Kate Hodge puts a point on this in the article: “Headhunters say it is no longer enough for companies to cultivate a single heir apparent. They need to be constantly pursuing and nurturing a “strong bench” of potential internal successors, treading lightly enough to avoid setting off a Hunger Games-style rivalry, while scouting the market for potential external candidates.” I think that is the work that CHROs are trying to get their arms around. Not naming a successor and moving on, but building depth, resilience, and real leadership capacity over time. And of course, this is why Future Leaders matters so much. Organizations can’t wait for leadership moments to happen to them. They need the right leadership intelligence to build that process intentionally. So that when those leadership moments happen, they can trust the plan.

Choosing your next CEO: what boards should focus on. Appointing a CEO is the most consequential decision a board makes. The right leader sets direction, builds culture, and ensures people thrive whatever is thrown at them. The best CEOs combine strategic acumen with emotional intelligence, adaptability, balancing critical thinking with the ability to inspire and engage. At Luminary, we’ve seen boards get this spectacularly right, and occasionally, very wrong. The difference? Clarity of purpose and courage in decision-making. When assessing c-suite candidates, our experience suggests boards should focus on six dimensions: (1) Leadership DNA - Forget the perfect LinkedIn profile. What matters is the leader’s capacity to think strategically, build trust quickly, and make others better. (2) Risk Orientation – Should the CEO lean entrepreneurial or take a more measured approach? (3) CulturalAdd™ – A CEO should stretch the organisation’s thinking, not just blend in. “Fit” keeps you comfortable; “add” keeps you competitive. (4) Emotional Intelligence (EQ) – Do they show empathy, compassion, and care for people and customers? (5) Character and Commitment – Can they analyse complex problems, act with integrity, and understand your market? (6) Adaptability Quotient (AQ) – What experiences show they can lead under pressure and through adversity? When interviewing for your next CEO, here are some questions you could consider for your candidates. -- What is your plan for us? -- Where have you led change? -- How do you build capability and teams? -- What’s your approach to succession planning? -- How do you handle difficult conversations or conflict? -- What have you learned from failure? -- Why you as our CEO? And as a final thought. Boards must run a robust, evidence‑driven process drawing on multiple inputs, testing against the right dimensions, and assessing “CulturalAdd™.” Lastly, assess for a “legacy mindset”. The question isn’t just: Can they lead us now? It’s What will they leave behind? Of course, the goal is to appoint a CEO who advances strategy, nurtures culture, and leaves your organisation stronger than they found it.

The first thing that hit me when I joined this mid-sized engineering company as a CHRO was the lack of structured #SuccessionPlanning. At an organizational growth rate as steep as it was, the importance of a robust #SuccessionStrategy to keep our growth momentum on track and ensure continuity in leadership was very clear. To this end, I initiated my work with a critical review of our current leadership structure, #TalentPools, and future organizational requirements. I met senior leaders and key #stakeholders to identify critical roles for which #SuccessionPlans should be developed. This review identified several gaps and potential risks. Some of the huge barriers were #ResistanceToChange. To many senior leaders, succession planning was an unnecessary complication rather than a strategic necessity. Secondly, our #TalentManagementSystem lacked the necessary analytics to effectively predict and plan for the #leadership needs of the future. The next challenge in the process was to make the process inclusive and unbiased. We did not only need a system that would identify the #FutureLeaders, but one that would also be fair and transparent in the development of their capacity. Knowing these challenges, we established a comprehensive #SuccessionPlanningFramework that includes both quantitative and qualitative tools. #TalentAssessmentTools: We used #PsychometricAssessments, performance reviews, and 360-degree feedback to assess the current leader in finding a successor. Tools like #HoganAssessments and #GallupStrengthsFinder helped us truly understand individual capabilities and suitability for future roles. #LeadershipDevelopmentPrograms: Based on assessment results, customized development programs for potential successors have been designed. This includes #mentorship, #coaching, and focused training sessions to get over the shortcomings in competencies and groom them for the leadership role. #SuccessionPlanningSoftware: We implemented succession planning software in the HR system— #SAPSuccessFactors and #CornerstoneOnDemand. These tools enabled us to track potential successors, review development progress, and evaluate succession readiness. It runs scenario planning and #SuccessionModeling to simulate organizational changes and what would be affected in such scenarios. Our succession planning strategy, therefore, bore its first benefit: a strong #LeadershipPipeline ready for the challenges ahead and improved employee engagement through clear career pathways. It also enhanced the organizational agility required for smoother transitions. Our organization is more resilient, with a strategic approach toward developing leaders that places us in good stead for the future. #CHRODiaries #SuccessionPlanning #LeadershipPipeline #HighPotentialEmployees #PerformanceAssessment #360DegreeFeedback #ChangeManagement #CareerProgression #EmployeeEngagement #StakeholderBuyIn #OrganizationalGrowth

Typical career conversations are well-prepared and completely backward. The manager shows up with performance data, development goals, and a plan. The employee shows up wondering if anyone notices they stopped caring six months ago. The conversation happens, a document gets filed, but nothing changes. The gap is not an effort but a sequence. Managers jump to goals before they know whether the person in front of them is energized, growing, seen, or connected to the work. You cannot build a plan that sticks on top of a foundation you have not checked. Véronique Subileau runs HR for 10,000 people at UGI Corporation. Before any career conversation, she asks four questions. Not about goals. Not about gaps. About the person. A long pause before "are you having fun" tells her more than any performance review. An honest "no" to "do you feel recognized" points to a problem that no development plan will fix. These questions take ten minutes. They change what the next fifty minutes are actually about. She calls it touching the heart before speaking about the result. The managers who do this consistently know things about their teams that the ones who skip straight to the agenda never find out.

This is the most overlooked risk in business that is costing millions to companies. Not having a succession plan. Companies plan for growth. They plan for expansion, innovation, and market shifts. But when it comes to who will lead next? Most are scrambling at the last minute. And that’s a disaster waiting to happen. The great resignation didn’t just hit employees, it hit CEOs too.  In 2022, 1,337 CEOs walked away, a 1.8% increase from 2020, as per Forbes. Yet, most companies still don’t have a solid plan for leadership transitions. And when a top executive suddenly exits? Panic sets in. Take Microsoft in 2013. In August’13, Steve Ballmer shocked Microsoft with an abrupt resignation. A company worth hundreds of billions was suddenly without a leader. The board had no clear successor. So, they scrambled, + Looked at 100+ candidates across industries. + Had in-depth discussions with more than 20 executives. + Nearly hired Qualcomm’s COO Steve Mollenkopf, until Qualcomm promoted him instead. + Considered Alan Mulally, the man who turned Ford Motor Company around despite his zero tech experience. And when Mulally withdrew? The media called it “Microsoft’s Plan B.” Six months later, they finally appointed Satya Nadella, a 21-year Microsoft veteran. The right decision. But what if they had picked the wrong person? What if they had forced an outsider into a culture they didn’t understand? What if Mulally, a brilliant executive, but from a completely different industry had led Microsoft? That’s the risk of poor succession planning. When a company relies on luck instead of leadership development, the wrong decision can cost billions. So, here’s what every company must do now: ✅ Stop treating succession like an emergency: It’s not a last-minute decision. It’s a continuous process. ✅ Develop leaders before you need them: If your best internal candidates aren’t being prepared, you’re failing them and the company. ✅ Look beyond titles: Experience matters, but so does vision, adaptability, and cultural alignment. ✅ Create a pipeline, not a shortlist: You shouldn’t be looking for one replacement. You should be grooming a generation of future leaders. The companies that win? + They don’t get lucky with leadership. + They build it, plan for it, and ensure that when one leader exits, another is ready. Because in business, the question isn’t if change will happen, it’s whether you’ll be ready when it does. #leadership #successionplanning #futureofwork  Puneet Chandok Satya Nadella

Five Ways to Keep Employees from Job Hunting Q. Hi Liz, I have a great team and I’m grateful for them. Several of our employees have been with us for 10 years or more. We have a big (although challenging) year coming up and I want to keep everyone happy and on board. Can you recommend some steps for me to take? A. Great question! Here are five steps to keep your employees feeling valued and on your team this year: 1. Boost Flexibility At the top of the list right after pay and benefits, employees value flexible work - meaning both their work hours and where the work gets done. If you value retention and engagement, now is the time to add flexibility to your employees’ schedules and embrace work from home as much as your business allows. 2. Add Visibility & Input These are scary times for a lot of working people. They wonder how their employer’s business is doing and whether their job is secure. Fill them in on your business results. Let them know what the year ahead looks like, what your challenges are, and how they can help reach your goals. Make it easy for them to have input into your plans. The old top-down management style doesn’t work anymore. You need all available brain cells, heart cells and good energy to get where you’re trying to go. 3. Honor Their Commitment Turnover is low in your shop, so you must be doing a lot of things right. Hats off to you! You want your teammates to stick around for the long haul, but if there were a downturn and you had to lay people off they might struggle to pay the rent next month. Honor their commitment to you by committing to them with a severance policy that pays at least a couple weeks of severance per year they’ve been with you. Your lawyer can draft simple agreements that make your severance policy a real commitment your employees can rely on. Taking this step will buy you more commitment and engagement than any pizza party, company outing or teambuilding event. If you want your employees focused, make sure they are covered if things don’t go as planned. 4. Define Career Paths Internal career growth has plummeted in large and small organizations - one reason many people change jobs every two or three years. Sadly, some organizations would rather keep high performing employees stuck in their roles than promote them into more responsible, higher paying jobs. That is short term thinking. To keep employees focused on the future, define career paths with them. Let them know that an entry-level customer support rep can grow with the company into an inside sales or marketing assistant job, and then to a marketing analyst or manager job. 5. When We Win, We All Win When you lay out the plan for 2024 and the challenges ahead, let everybody know that if you win, they win. That could mean chunky bonuses, stock options or something else folks will stick around for. Get creative. You need your team focused on the win, so make them part of it!