Businesses without a succession plan can often find themselves struggling to find the right people to take on key roles that are created either by expansion or by key staff members being promoted or retiring. This can lead to a reduction in output and productivity, over-work of employees in roles adjacent who have to pick up the additional workload and reduced employee engagement as staff struggle to see how they will be able to grow within the organisation which in turn leads to increased staff turnover.
Succession planning focuses on identifying and growing talent to fill leadership and business-critical positions in the future. In the face of skills shortages, succession planning has gained popularity, and is now widely carried out in both large and smaller organisations. Many businesses see significant benefit of growing their own talent to fit the succession plan. This has a number of benefits, specifically in the areas of cultural fit, employee engagement and staff retention and motivation. It is also a more cost-effective strategy than continually hiring in via recruitment companies.
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