Succession Planning - Ensuring the Future of Your Firm

Structuring clear concise career paths for new recruits and staff is a powerful tool to ensure longevity and growth within your firm. By designing and incorporating a succession plan, you are investing in the firm's future leadership.

Companies that fail to successfully plan for executive retirement and employee turnover will lose a critical segment of their knowledge base and waste thousands, if not, millions of dollars on recruiting and training efforts to replace lost employees.

Successful career path definition and succession planning supplies candidates and employees with the tools they need to meet the challenges of the future.

Best Practices, LLC reports that companies that plan an integrated succession planning process ensure that high-potential employees are promoted into the upper ranks of the company. The study includes interviews and secondary research that was conducted on 35 top companies.

The report found that top companies develop an integrated leadership development system by:

  • Aligning succession planning with corporate culture to ensure the executive structure reflects company values.
  • Incorporate a multi-tiered team to design, refine and execute the succession planning processes.
  • Selecting key leadership criteria and providing an outstanding development process to help leaders meet requirements for advancement.
  • Screening employees to identify "high potentials" and efficiently allocating development resources.
  • Measuring the results of the succession planning process for individuals and the company to ensure alignment with goals.

View the Report

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Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.