All business owners need to formulate a succession plan. Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.
This is an important step because it identify the key roles and maps out the ways to ensure that a corporation has the right people with the right skills, capabilities, and experiences, in the right place at the right time. Why do we need to do that? It aims to attract the best talent, retain those individuals and then develop them through well-targeted development efforts. This planning process helps to build the corporations’ bench strength through management training. By doing this, it ensures the long-term health, grow and stability of a corporation.
Many companies have not introduced the concept of succession planning in their organizations. The advantage of a more formalized system is that the organization exhibits more of a commitment to mentor and develop the employee so that they are ready to take over. Employees who know that the next role awaits them receive a boost to self-esteem and self-respect. It is a win-win situation for mutual parties.
Come to us
If you need assistance in this area, do feel free to come to us. We can guide you along the way in formulating the succession plan.
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