SUCCESSION PLAN: Don’t have one? Your business is in HUGE DANGER
Have you thought about what you would do if a critical individual or individuals in your business quit or retired?
Succession Planning in simple terms is the process of identifying and developing new leaders who can replace old leaders when they leave, retire or die. The problem is that as more and more baby boomers are aging towards retirement there are less younger adults who are qualified to take their place. If you are bringing in less talented and qualified candidates to take over specific roles in your business this can hurt your business as certain areas will almost certainly not perform as well.
Where to start?
Identify key areas and positions
Identify capabilities for key areas and positions
Identify interested employees and assess their capabilities for given role
Develop and Implement succession and knowledge transfer plans
Evaluate the effectiveness of your planning
The future success of your business requires that you have the right people who are qualified to carry out their role. Succession planning brings MANY BENEFITS such as not having to spend time, money and lost productivity in searching for a new person to fill a vacant role. Not only will this save major headaches from a hiring process, but succession planning can help develop talent already in house. This can bring other great benefits such as achieving goals sooner and higher employee engagement as well as morale!
Made it through this reading and still don't have a succession plan for your business? Hopefully I have given you a bit of a scare as you realize the importance of a succession plan. Get in contact with the team at Robert M. Nelson Law today and we can give you more information on how to go about this crucial process!
