What Is Succession Planning And Why Is It So Important?
Time: 11:00 am - 12:30 pm
Location: Virtual Zoom Meeting
Why is succession planning important?
“He who fails to plan is planning to fail.” Time and again, we have seen this play out in the professional world – often because no one can afford to steer their business blindly once a key player leaves.
Change happens quickly and usually without warning. That’s why a succession plan is important – you can fill any leadership or other key role gap before the company suffers a blow. You won’t have to look further afield either. Hiring within your own ranks is far more assured, limits disruption, promotes your best internal talent to a role they’ve been hungry for and is very cost-effective compared to hiring externally!
Your culture stays the same. Processes aren’t thrown in the air. And the benefits kick in immediately. Plan for succession with an effective succession planning model, and you plan for success…
What is succession planning?
Quite simply, succession planning spots the individuals who can step up to a more senior role within your company. You can pre-emptively find and nurture those who may fit the bill, so they can take over once a current leader decides to move on or can’t work for any reason.
Defined sometimes as usually for ‘the ownership of a company’, but that’s not always the case. It could be for a member of the board. It may be a group of employees filling a high-level management responsibility collectively. Others define succession planning as a ‘smooth transition of power’, which really is the main, initial advantage – although of course, the new senior leader’s style can mould the business over time.
However large or small the company, succession planning relies on a clear-cut, strategic talent pipeline, in which successors are identified far in advance. Planning ahead is crucial because, while you may have a robust infrastructure in place, anything can weaken it without warning. If a key role becomes and remains vacant, then profit, morale and productivity may suffer. You can therefore view your succession planning process as a kind of insurance policy.
Join us for this Virtual Meeting
At the Manufacturers Alliance, we know how important it is to plan for your company’s future and this is one of the most critical. If you would like to join us for this virtual meeting, please register via the link to secure your place: