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.