Human Results Succession Planning Series: Week One – What is Succession Planning?
BlogBusiness Evolution Posted: Tuesday 9th June 2015 by
If you run a successful SME then succession planning should be an essential component of your business strategy, because no matter how bright and secure the future may look, it always pays to plan ahead.
Over the next six weeks, Human Results will be writing a series of articles covering multiple aspects of succession planning, including:
- the importance of leadership development, developing high performing teams
- how to address the issue of an indispensable employee and an aging workforce
- how to identify and retain key individuals
- strategies for exit: retirement options, MBOs and bringing in family members
- succession planning and risk management from a legal perspective
What is succession planning?
Succession planning in its broadest term can be defined as the identification and development of talent to take key leadership positions in your business to secure its long term future. In turn, this can increase senior capability throughout the entire leadership pipeline, and ensure a trained and competent succession of managers, should anything happen to your top team, such as illness, death, retirement, or competitor poaching.
Succession planning, however important to the future of your business, is not something that many companies address as a priority, especially in the SME sector. This is because many may be owner-managed, or have a small leadership team with a focus on other organisational challenges.
However, there are several serious reasons why succession planning must be on your business agenda; most importantly to ensure that your business can continue to meet its objectives, even if key staff members are no longer available. Effective succession planning can therefore not only support stability and sustainability within your business, but can also identify roadblocks, weed out poor performers, raise staff morale and ensure your key players are rewarded and retained.
For help with your succession planning requirements or for more information, call Human Results on 01952 288361 for a no obligation, confidential discussion.