In the wake of the recent political news of President Biden's historic decision to step out of the race, it had me thinking of all that must have gone into that decision. A decision, no matter what type of President you are (in government or at a company), does not come without a lot of tossing and turning at night.
I have worked with all types of CEOs, Presidents, Founders, Executive Directors and Founders who are Presidents, Executive Directors and CEOs combined. Knowing when 'it's time' to step down and pass the torch will never be easy. For the leaders who have leaned on me as their trusted HR Advisor when that time came, here are some of the questions I remember them asking themselves:
DO I HAVE MORE LEFT TO ACCOMPLISH? Truly being honest with yourself and your current strategic plans you have, ask yourself if the work involves anything new or is it a different version of the same ol', same ol'? If you do not have any innovative or visionary thoughts or goals, it's time to step down.
AM I TOO COMFORTABLE IN MY POSITION? There is knowing your job and then there is the danger zone of knowing it too well to the point you can't think creatively anymore. Or you find yourself not open to any suggestions or ideas on how to do it different cause the ways its being done are comfortable. If comfort and the inability to be open to new ideas is a common theme that runs through your mind, it's time to step down.
IS MY EMPATHY GONE? Employees want CEOs who are empathetic and can see situations from all angles, not just their own. Empathy is on a spectrum and is an ability that typically grows over time, not lessens. If you are feeling you cannot understand and share the feelings, thoughts or experiences of others, it's time to step down.
IS THE STRESS OF MY ROLE HARMFUL TO MY WELL BEING? This one is hard to hear, but how is your health? If the stress of your job is impacting your life outside of work and is manifesting in your body and mind into serious health issues, it's time to step down.
HAS MY LEADERSHIP STYLE BECOME OUTDATED? It can be easy to become set in your ways and sometimes your ways are 'old school' if you've been in the job a long time. The company will not grow or evolve if your leadership style is outdated. If your style is outdated, it's time to step down.
DO I HAVE A REPLACEMENT? Have an heir apparent? Thought about getting one? Do you have a formal succession plan ready to go? Is there someone else who can do a better job than you given the growth today and the current company culture? If you have this fully vetted and trained this person and that person is ready and mostly there just waiting to take over, it's time to step down.
A good leader knows when it's time. A good leader does it before it gets to a critical or toxic stage. A good leader does it before it is done for them and without a choice.
President Biden, no doubt, had a similar list like above and engaged a trusted advisor or two to discuss it with him. And if done right, lots of handshakes and hugs at the end of the discussions. I hope one of them in the room was his trusted HR Advisor (whatever is equal to that in DC!), and they helped him remember his legacy and all his successes while he was at the helm and at the same time showed him that sometimes being a good leader means letting someone else lead for the greater good.
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