Use this Guide to Create an Effective Succession Plan for your Organization! Read On!
One of the biggest concerns for any business is how to ensure that it will have the talent and leadership in place to continue growing, executing business strategies, and dealing with retirement/attrition.
Succession planning is a process by which a company can identify and nurture potential successors, put in place measures to prevent critical information from walking out the door with departing employees, and establish protocols for handling an unexpected exit by a key executive.
Succession planning is commonly thought of in terms of who will replace whom in an organization chart, but it's just as important to think about the business' day-to-day operations. Leaders must ask themselves questions such as what activities need to happen today and how they may change tomorrow. Only then can they identify which people are necessary to carry out those functions.
Succession Planning involves taking the time to understand the factors that really drive a company’s continuity and growth, and then developing a strategic plan based on those priorities. The best practices for succession planning can vary from business to business, but typically include things like creating a transition plan, grooming successors, and maintaining communication among stakeholders.
This eBook is a complete step by step guide to succession planning. It covers the concept and need for succession planning along with its benefits and best practices. It discusses the critical components of a succession plan and provides a step by step approach to effective succession planning. The eBook includes multiple case studies illustrating how different considerations and decisions result in different outcomes of succession planning. The eBook also examines situations where the solution for a business may be something other than a succession plan.