Alan Kay, the father of the personal computer said, “The best way to predict the future is to invent it.”
What does the future of your organization look like? How will your organization proceed in the next five or ten years? If you don’t have the answers, you should get started on inventing your future now. The best way to do that is with a succession plan.
Maintaining business success in the years to come depends on whether your current leadership team creates a plan outlining which of your top-performing employees will step into leadership and newly created roles when the appropriate time comes. The retirement of one of your top managers or a decision of permanent maternity leave from a key specialist are examples of why succession planning is critical for keeping your business running smoothly. Review the advantages of succession planning in more detail here: http://blog.capital.org/4-benefits-of-succession-planning-for-your-workforce/.
Succession planning is hard to complete if you can’t pinpoint key employees who can take over high-profile positions in your company when the time comes. Retaining hardworking employees is essential to foretelling your company’s future. If you’re having trouble holding on to your company’s stars, you may need to revise your retention strategy. Here are some tips that can help you decrease turnover and increase loyalty among your workforce: http://blog.capital.org/dont-let-your-top-employees-leave-4-tips-to-encourage-employee-loyalty/.
Creating a succession plan is an involved process that should include your senior leadership team and have input from the heads of all of your business departments. The goal of your succession plan is to identify, recruit and prepare your talented employees for important company positions they will eventually lead. Succession plans can vary based on the size and industry of an organization. However, most plans share several basic strategies. Check them out here: http://blog.capital.org/basic-strategies-for-succession-planning/.
For more information and additional tips on succession planning, please contact a member of CAI’s Advice and Counsel Team at 919-878-9222 or 336-668-7746,
**Workplace Insights will take a break for the Independence Day holiday. New posts will return next Tuesday, July 9. Please have a happy and safe holiday!