The concept of a business only being as good as its best employees is not a new one. So, what happens when key personnel leave? Does your organisation have a succession plan strategy in place to weather such a change?
Unprepared businesses can be left scrambling, losing money and precious resources when a succession plan isn’t in place. With the right succession planning, you can put your business in good stead for if (or when) you suddenly lose crucial roles at any level of the organisation.
Remember that every employee is important
When you think of succession planning, it’s easy to only focus on your business leaders. The truth is that it’s not only senior management that should be carefully considered – particularly if one person’s leave has a domino promotion effect. How will these new moving parts fit together again and keep your business going full-steam ahead?
A robust succession planning strategy spans across the entire organisation. You can map out talent capabilities and talent gaps, and put your intangible business intellectual property (IP) to paper, so it’s not lost if a key staff member leaves. Knowledge is power, so be sure to not let any of those invaluable assets walk out the door.
Keep employees in the loop
According to the Australian HR Institute, 63 per cent of employees cite a lack of career progression as the reason for leaving a job. If you’ve identified a successor within your business, they may not be aware and could begin to look for opportunities elsewhere.
With a transparent succession planning strategy, you can give your employees a clear idea of where their future path may lead them, which can lead to better staff retention.
Get your ducks in a row
A great way to mitigate risk is to plan proactively rather than reactively. Ensure that there are documented procedures, processes and knowledge, so that the successor can hit the ground running.
Once you’ve established your handover documents or training plan, consider evaluation methods that can help you measure performance or identify gaps.
Always have a plan B
If your organisation has any concerns regarding succession planning or associated strategies, Dickfos Dunn Adam can help you identify risks, maximise opportunities and develop the right strategy for your business. To learn more about succession planning, get in touch with us today.