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OCBC SPOTLIGHT

Mentorship, trust and respect in succession planning

SOILBUILD is an established company, one that has had many 'firsts' in its history. It is a pioneer in the field of sustainability, having entered this space in 2010.

Like many others that have grown from strength to strength, Soilbuild, too, is grooming its second-generation leaders to eventually take on the mantle of leadership.

Any company in a similar position would want to ensure a smooth transition with minimal disruption to its business. There are a few key insights that both the first - and second - generations can note as they begin this journey.

First-generation leaders can provide guidance to their successors by identifying specific areas for the second-generation to take charge of. This empowers the next generation and affords them the space to grow. This set-up creates a win-win in company culture with a mentorship structure being put in place. It also sets the stage for potential business growth.

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In a world of constant disruption and innovation-led advances, the digital-savvy next generation can be extremely adept at anticipating and responding to new paradigms of competition. They also tend to be more culturally aware than the first generation, which can be advantageous when expanding the business into new markets or going overseas.

In general, the relationship between the first-generation and second-generation is akin to that of running a marathon. It will take time for existing and new management teams to learn how to complement each other, but they will be successful if they base their relationships on mutual trust and respect.

That success can allow for the continuity and growth of the business and propel the company forward in an increasingly complex and globalised business environment.

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