Succession planning has historically been a simple process reserved for small businesses focused on preparing children to take over the family business when it is time to retire. As businesses grew, the need to ensure a ‘quiet transfer of power’ became critical and a more defined succession planning ensued, but remained little more than a codified listing of the people being groomed for a particular position within an organization.
Astute executives and HR professionals realize that succession planning must also encompass mission critical positions with direct revenue or profit impact within an organization. They also realize the succession planning process should be an open process relying more on business need than on visibility to a select group of executives.
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