Succession planning: An outline for kick-starting this critical process

In this uncertain economy, smart companies are taking steps to ensure their productivity and profitability. How’re they doing that? Succession planning.

What can a succession plan going to do for your company?

• Strengthen your talent pool. The process of identifying high (and low) performers and possible gaps in your employees’ skillsets gives companies an opportunity to make adjustments before they’re left in the lurch when a key team member departs.
• Make better use of the talent you’ve got. By definition, succession planning includes an employee development component.
  That means companies can allow workers to stretch their skills, increase their earning power and likely strengthen their commitment to sticking around.

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