Build your bench strength! A guide to succession planning for growing companies.
Succession planning – the process of identifying, selecting, and grooming talent for leadership – is critical to achieving your companys long-term goals. Its really a nobrainer: finding and developing leaders ensures youre always prepared for expected and unexpected talent vacancies with a diverse talent pool of ready successors. Plus, smart succession planning gives you a competitive advantage, as it takes you beyond simple replacement planning – a gamble of talent and resources – to creating individuals who are qualified to lead your company in the future. So how can organizations create training opportunities that prepare candidates for new roles and provide companies with viable succession planning options? Consider these five key steps.