How Succession Planning Secures Your Company’s Future
To ensure the continuity of a business’s operations, many companies use succession planning. This is the process by which talent from within the company is identified and developed to potentially fill key leadership positions. Succession planning increases the availability of experienced and capable employees able to assume key positions when they become available and limits any interruption to operations.
Need for Succession Planning
Recruiting and training for key positions can be difficult, time-consuming, and expensive, particularly when filling a vital position that was unexpectedly vacated. Being proactive and identifying and developing talent from within the company to fill key positions through succession planning can make the process more efficient.
Succession Planning Process
While a company’s succession plan must be customized to fit its needs, the following steps are typically part of the process:
- Determine the roles and skills critical to the company’s growth.
- Identify employees who could fill other roles in the event of a vacancy.
- Identify and understand what training is needed for a smooth transition. Start to train backup employees on various roles to prepare them for a possible role shift.
- Ensure that all employees recognize and understand their career paths and the roles that they are being trained to fill.
- Identify employees in all areas of the business and work to ensure they are highly engaged and satisfied with their roles and the organization itself.
- Understand the time needed to cultivate the talent needed to fill key roles.
- Review, evaluate, and adjust the succession plan as employees transition in and out of key roles.
Losing a key employee can be a devastating interruption to business operations. Succession planning can help ensure the smooth transition of staff into the vacant position with minimal interruption to the business.
From simple asset allocation to sophisticated succession planning strategies, Choice employs a comprehensive planning approach designed to optimize your results. Together, we’ll help build the future of your business. Contact us today!
Choice also hosted a webinar about succession planning for businesses: “Exit Strategy: Ensuring a Smooth Succession for Your Business.” Watch the recording for free here!
This HR Insights is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2016-2017, 2019, 2023 Zywave, Inc. All rights reserved.