Succession management used to refer to the process of replacing a CEO when the position became vacant due to foreseen or unforeseen circumstances. These days, leading organizations understand the importance of implementing a succession plan for more and more roles across the company–in some cases extending to the larger population (managerial, professional, and administration). Succession planning is also an important way to identify, develop, retain and allocate key members of your workforce long before any talent gap occurs.
Top-performing employees are often looking for jobs that are engaging while their managers are continually looking for ways to motivate and retain them. In fact, when studies are conducted to find out what employees value in a job, career opportunities and development almost always appear at the top of the list. Retention of your high-potential employees is one of the keys to creating a motivated workforce and a more productive working environment.
By establishing a well-thought out succession plan, you’ll keep both audiences happy and create a positive impact on your bottom-line results.
Where do you start?