Fall 2014 issue of Horizons

COLLEGES & UNIVERSITIES

step to developing a solid succession plan with internal resources is the continual training, development and cross training of employees within the various business/ accounting/finance functions at a university. Training staff through facilitated sessions and practical experience performing the roles and responsibilities of other employees on a periodic basis is a proven method for not only enhancing the technical competency of your team, but further, generating personal interest of the team members to be inspired to advance their careers at the university. Again, the key is coaching the members of your staff that cross training of roles is not just to ensure that the university can cover responsibilities during vacations and illnesses, but more importantly, is a viable component of each employee’s long-term career path and your department’s succession plan. Individuals who work in the business function at a university are incredibly fortunate to have a vast amount of resources, thought sharing and training forums at their disposal. While many of these resources and forums are focused on technical accounting and finance matters, many of the industry membership associations have recently stepped up to offer leadership development training for the future leaders of the industry. ∙ NACUBO Leadership Series , which is an annual seminar with multiple tracks to help current and future business officers increase their organizational, personal, and technical competencies. ∙ CACUBO 2014 Leadership Institute , designed to offer the participants continued professional growth, enhancement and expansion of their knowledge, sharpening of leadership skills, and an in-depth knowledge on how to be successful in their positions. A small sample of future events and providers is listed below:

The most important component of a solid succession plan is that it is formalized, transparent (to the extent possible) and constantly assessed, addressed and revised. The succession plan should include a list of all positions in the applicable department, and a depth chart for each position. The plan should also provide for a listing of resources (i.e. industry associations, professional recruiters, etc.) that could be utilized to fill the position with an individual not currently working at the institution. The presence of a formalized and complete plan will not only assist the institution for projection of future needs and addressing eventual retirements, but will also be of great benefit if a sudden or unplanned departure occurs. While most institutions lack a formal succession plan, many institutions may already be taking steps to address succession planning inadvertently. A key

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