Handover Process for Leaders During Crisis Professional Writing

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The senior management handover process can either mitigate or exacerbate any type of crisis in the government sector. Whether due to internal or external causes, or both, a crisis is a tremendous challenge to promote a seamless and stable process of leadership transfer. Research on private sector leadership transfers shows that a lack of formal processes and procedures can lead to costly setbacks and needlessly long periods of transition (Gabarro, 2007). Within the public sector, and particularly within specific institutions like central banks, leadership transitions can have lingering, lasting, and meaningful effects on the geopolitical landscape and the global economy.

An effective handover process begins with strategic planning. Change management needs to be proactive rather than reactive, going beyond merely anticipating threats and actually building into the organizational structure the means by which to change and adapt (“Why Change?” 2005). To construct a proactive change management strategy, the organization needs to refer first to its mission, vision, and guiding principles. The values upon which the organization was founded, and to which it ascribes, will help determining the purpose and vision for the intended leadership change. Moreover, the change will be driven by principles and values, allowing for the selection of leaders that can better align practices, policies, and organizational culture with mission and vision. Central banks frequently face ethical dilemmas during handover processes, due to their uneasy alliance of public and private sector interests (Mishkin, 1998).

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During the handover process, senior management needs to make decisions that concur with the financial institution’s obligations to stakeholders, and not just investors.

The second step in the handover process should be a consideration of what leadership traits are most valued during the transition period and to fulfill short term objectives. Concurrent with an analysis of leadership traits, senior management would also need to outline the core financial, political, and strategic objectives a new leader needs to fill. Some of the functions that the transition team would need to address would be those that immediately help to resolve the crisis, whether it was related to fiscal instrumentation, inter-bank or intra-bank communications and settlements, currency circulation issues, or government banking service provisions (“Why Change?” 2005). The skills and background of the deputy governor need to be matched well with these and any other future goals. Matching the leader’s skill sets to organizational objectives is preferable to selecting a leader who might maintain the status quo, due to the ongoing need for being a learning organization that is adaptable and responsive to crises.

Third, the central bank should come up with a reasonable timeline for the deputy governor….....

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