What is it? Succession planning is where you plan who is going to take over your business when you step down from your role. Or what happens when your business manager becomes ill or decides to leave your business? Would your business be able to run smoothly? Succession planning is used to keep your business moving in the right direction even when the current people running your organisation leave or are unable to return.
What are the benefits? Preparedness - for whatever reasons your employees leave by having a succession plan in place with quickly put in place new employees who are suitable for the role. This will keep your company running as normal as possible.
Less expense and time By having a succession plan this will save time and money, as you are planning for the future. This means that you have reduced any expense of hiring external candidates and the process entailed with this. It will also save your company being stagnant as you’re not having to fill new leadership roles.
Identify Weakness By training current employees you can see whether they are suitable for leadership positions, if they are suitable for a leadership position that is fantastic. However, if they are not, you will have to keep in mind that you may need to either train someone else or offer enough training and resources to the particular person.
How can WWL help? It is important to think about the future of your business as it is likely to survive you. By having an effective succession plan in place this will give a clear direction on how your business will operate without you. We are able to meet with you to discuss the future of your business.