Your shareholders demand it, your clients like to know you have it but as a business do you really understand the value to your organisation of having a strong succession plan in place?
Far from simply being a box to tick to keep the outside world happy, your succession plan supports your commercial success. It enables your company to be successful and to continuously achieve its long term mission.
A good succession plan reinforces to you and your stakeholders that you appreciate the importance of brilliant basics within your organisation and that you have a high performance team that is focussed on the success and growth of your business. In return, each team member is valued and feels part of the business’s success.
Here are the Top Five Succession Planning Motivators:
- Create a high performance team that generates success and growth.
- Reduce the business risk resulting from the loss of key executives and talents within the company.
- To improve the quality of management and reduce recruitment risks by filling senior vacancies from internal and external talent pools.
- Reduce recruitment costs.
- Actively manage staff turnover and improve quality of replacements.