Do I Need a Succession Plan?

Today companies are at a critical juncture with respect to ensuring that the core values of the organization are maintained.  As the boomers transition to retirement succession planning and the management of the process between the individual’s aspirations and the company’s future needs is a very important HR function.

Succession plans that are well developed and communicated to key executives will increase retention in the c-suite.  Because high-potentials recognize that time; attention and skill development is being invested in them these potential leaders are less likely to seek opportunities outside of the organization.

Succession plans and the development of leadership talent is an investment that requires time.  A working succession plan may result in having more than one skilled executive available for a key job.  HR’s role is to provide choices, options and a plan that is performance based.