85% of Businesses don't have a Succession Plan in Place
A succession plan shouldn’t just be in the back of your mind as an HR professional; it should be something you’re constantly improving and enhancing so that when the moment comes to hand over to a new member of staff, your organization is fully prepared. If your mind draws a blank when thinking about the succession plans best practices, don’t worry. You’re in the right place.
Here are a few Advantages of having a SUCCESSION PLAN IN PLACE:
So, succession planning is important, but it also gives your organization various advantages. The first advantage of succession planning is that it helps you visualize and understand how your successor will fill their predecessor’s shoes.
To put it another way, it gives you a strategy to enhance your leadership and plan ahead in terms of recruitment.
Other advantages of continually developing your succession plan include that:
With a succession plan, your business is covered in the event one of your senior staff members suddenly leaves to join another organization.
You will already be aware of which team members are ideal or suitable to take the lead with a well-considered succession plan, and
It ensures your brand identity is maintained, as you’ll be able to nurture internal candidates before the handover, aim to continue with what works in your organization, and avoid any surprises.
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