How quickly could your company react to a business critical individual dying or otherwise unexpectedly leaving your company?
What would happen if your Sales Director was wooed away to join your number one competitor and worse still took your top two sales people with him? You may be able to manage with a short term fix internally; however, your long term solution may come from hiring someone from outside of the business.
A recent survey conducted by XpertHR showed that an alarming 40% of companies admitted that they had no formal succession planning structure in their company.
These are worrying results indeed. Succession plans are as critical to a business as health insurance is.
One of the most challenging issues which companies face is being able to replace one business critical leader with another when the time comes, as quickly as possible.
By having an external succession plan ready, where likely candidates have already been identified and profiled, will enable your business to react very effectively, should the unfortunate happen.
Trends are changing; the CEO is not the only person who needs a successor. You should have a succession plan for every individual who is critical to your business.
To be of value, this plan should be frequently updated to ensure that the information remains accurate and relevant.
This is why Glover Daniels Research Solutions constantly monitors and updates succession plans for a number of clients; of course all are done discreetly and confidentially.
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