Why Succession Planning is Important for a Growing Business
If you ask CEOs what keeps them up at night, they will tell you it’s a talent shortage. All great businesses are supported by great teams. Finding the right people for key positions within your organization is crucial if you want to continue to grow. However, with the job market more competitive than ever this isn’t always easy.
Most of the world’s top businesses include succession planning as part of their talent management strategy. By grooming trusted employees within their organization, they’re more likely to have suitable candidates ready when people in key roles decide to move on.
Simply put, a business that practices proper succession planning is more likely to have the right employees, with the right skills, when they need them.
What is Succession Planning?
Succession planning is the process of identifying and developing new leaders within your organization and preparing them to take on key roles in the future.
Effective succession planning starts with good recruiting practices. Once hired, employees’ knowledge, skills, and experiences are then developed in order to groom them for advancement or promotion. This ensures you already have a plan in place when key talent departs the organization.
Benefits of Succession Planning
Succession planning provides a number of benefits for growing businesses. Effective use of this talent management strategy can take a good business and make it run more efficiently.
Here are a few key reasons why this succession planning is so important for all organizations:
Make Organizational Changes Quickly and Seamlessly
Employees can be moved out or promoted knowing there are talented staff ready to replace them. This makes it much easier to build your ideal team.
Easily Expand Your Business
As your organization grows you will inevitably have to create new roles and positions. Succession planning means you will likely already have talented individuals within your business who are ready to take on those roles.
Less Staff Turnover
When employees know there is the possibility of advancement within an organization, they tend to be more loyal to the business and less likely to seek opportunities elsewhere.
When staff know they are being groomed for greater things, it boosts their belongingness, leading to greater efficiency and a more positive work environment.
Plan for the Future
Baby boomers are retiring in droves. Succession planning ensures your business will be prepared when this generation leaves the workforce.
How inclineHR Can Help You with Your Succession Planning
Our team of HR professionals know how to create an effective succession plan for organizations of all shapes and sizes. We will help you establish a strategy that will allow your business to continue growing well into the future.
When you work with inclineHR we’ll assist you every step of the way and provide you with the following services in order to create the ideal succession plan for your business:
By taking these steps now, you’ll be setting your business up for a more stable and successful future.
Contact Us for a Consultation
Do you have questions about how succession planning can help your business? Our team is happy to provide you with additional information. Please contact us and one of our HR professionals will be in touch with you shortly.