The value of succession planning

Employees leave companies for a variety of personal or professional reasons. Events such as retirement leave positions vacant, making a thorough succession plan an essential part of every successful, future-oriented company. Here we provide you with tips on how to create a succession plan. Following suggestions will save a company time, effort, and expenses any time a position opens up.

Identifying promising leaders in your organization

Time should be dedicated to determining which employees have the ability to take on responsibilities. Such individuals fill leadership roles when a position becomes vacant. A sense of continuity is established within your company's management. Moreover, allowing qualified employees to shine in a position of leadership motivates them to stay with the company. They can see how their professional career could develop over time.

The ten most important leadership qualities

Planning ahead to ensure a smooth transfer

The key to a successful succession plan is creating it well in advance, ideally in periods of low stress. Knowing the competencies required for specific roles within the company hierarchy helps narrow down the employees qualified to fill said roles. Future managers then have ample time to prepare for their new responsibilities. Mentors and coaches can plan training and feedback sessions that will expand upon a potential manager's skills and qualifications. Job rotation is another great method of determining who is best suited to fill particular roles and which combinations work best. Allowing a transfer of knowledge between current and future managers ensures that vital information is retained within the company.

Guaranteeing success through succession planning

Remember that the choice of potential successors is an ongoing process. Management should identify where improvement would increase efficiency and which employees show talent. Constantly focusing on these areas guarantees future success, and it also ensures continuity in the here and now. With the right succession plan, your company has little to fear from sudden or anticipated departures of key employees.

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