Why is Succession Planning Important?

  • Your CEO is nearing retirement age and has given an indication that retirement will be imminent.
  • You have a key role in your organization, which, if left suddenly vacant, would create a significant gap
    resulting in potential lost productivity, errors or missed opportunities.
  • A tragic accident results in the unexpected death of a C-suite executive.
  • A senior-level employee in a critical position is poached away by a competitor.


HR is in a position to minimize the unexpected nature of these successions and minimize the time, cost
and angst of filling key roles when they become vacant. Each of these situations—and many potential
others—lead to the urgent need to replace a key individual within your organization. While there may be a
tendency for organizations and their senior leaders to think “it won’t happen to us”, unexpected succession
situations happen in any industry and every company.

Succession planning is a way for an employer to better ensure leadership continuity.

Regardless of the type or size of the organization, succession planning is an important undertaking and one
where HR can play a key strategic role

 
 

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