Succession Planning is a proactive strategy to create a pipeline of potential successors and develop them to fill leadership positions, without interrupting business continuity.
Most often, companies do not invest significantly in creating a succession plan and remain unprepared to fill vacant leadership role when a sudden need rises.
Absence of succession management leads to operational and leadership challenges. Misidentification and lack of potential successors has a downside too. If a misfit is promoted to a key role, the organization might face losses in operational efficiency and it can even adversely affect a company’s bottom line.
On the other hand, awell-structured succession plan ensures smooth transition of potential successors into leadership roles. It positively impacts employee engagement levels andlowers turnover.
Identification and development of leadership potential at early stage requires intense planning. Companies need to have well-designed succession management plan to make identifying, managing, and developing a leadership pool less challenging.
Empxtrack Team has researched and collated useful information on succession planning in an infographic. Give it a read to know everything in 3 minutes.
Most often, companies do not invest significantly in creating a succession plan and remain unprepared to fill vacant leadership role when a sudden need rises.
Absence of succession management leads to operational and leadership challenges. Misidentification and lack of potential successors has a downside too. If a misfit is promoted to a key role, the organization might face losses in operational efficiency and it can even adversely affect a company’s bottom line.
On the other hand, awell-structured succession plan ensures smooth transition of potential successors into leadership roles. It positively impacts employee engagement levels andlowers turnover.
Identification and development of leadership potential at early stage requires intense planning. Companies need to have well-designed succession management plan to make identifying, managing, and developing a leadership pool less challenging.
Empxtrack Team has researched and collated useful information on succession planning in an infographic. Give it a read to know everything in 3 minutes.
Infographic Source: https://empxtrack.com/blog/build-potential-leadership-pipeline/
