If an executive unexpectedly left tomorrow, do you know how you would fill the vacancy? If the answer is no, then a succession plan is the logical next step.
Succession planning is a necessary strategic plan for companies that is often overlooked for more immediately pressing matters. Yet as baby boomers retire in large numbers, succession planning becomes more vital to companies that will soon encounter departures of key executives and decision makers.
Reasons to develop a succession plan:
- Retirees exceeding talent entering the workforce
- Industry/insider knowledge lost when executives leave
- Impact on client relationships when employees depart
- Shortage of top talent at the executive level
- The importance of retaining existing talent
Additional benefits of succession planning:
- Provides existing employees a plan for unexpected vacancies
- Affords executives incentive to learn more about the skills and accomplishments of employees
- Allows leadership to make better decisions based on long-term goals
- Shareholder and employee confidence in a company that is prepared for a change in leadership
Preparation is Key
A solid, well-planned succession plan takes time. Leadership training, mentoring of existing talent, and communication with employees are all vital steps in the process. Working with professionals that know the ins and outs of succession planning and can customize according to the individual organization’s needs simplifies the entire process, ensuring it runs smoothly.
With close to two decades of experience, Executives Unlimited examines the dynamics within organizational hierarchies. We understand the value in shareholders and employees who know their company’s future is safeguarded through the visionary plans of their leaders, and we take pride in thinking ahead. Partnering with Executives Unlimited for your succession planning ensures that business will run as usual when the inevitable leadership change occurs.
The Time is Now
Let Executives Unlimited help secure your company’s future. Call us today.