Effective Succession Planning

Posted on June 7, 2008
Filed Under Succession Planning |

One of the primary aspects of effective business continuity strategy is comprehensive succession planning. In today’s corporate environment, boards increasingly expect the CEO to implement an effective talent management process that takes into account future retirements, resignations, and unexpected loss of leadership. As a report by the Forrester Research Group cites:

“Succession planning, to the extent that it is done at all, has primarily been confined to executive-level positions. However, as human capital becomes a company’s most expensive asset and organizational capital is the currency of the day, succession planning must be implemented much more deeply in the organization, eventually reaching every skilled position, especially within IT. As the economy improves and the hiring environment intensifies, turnover is going to increase, and those employees with the most sought-after skills will be the most likely to leave.”

Is your company ready to deal with a shrinking pool of educated workers and an uncertain economy? Despite the importance of planning, especially in an uncertain and changing global market, many executives do not have the time to address these crucial operations and continuity elements. What can you do to start preparing your company for success even after you are gone? Click here for more information on succession planning strategy and talent management.

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