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What Succession Planning Can Do for Your Organization

Part of the Business Succession Planning For Dummies Cheat Sheet

In today’s rapidly changing world — with its new technologies, new markets, and new global mobility — succession planning matters more than ever before. The success of your organization depends on the continuing productivity of people in key positions. For example, the CEO has a fund of knowledge, influences your people, and steers your organization in numerous ways. The loss of a CEO can be devastating for an organization. Having a qualified successor ready to carry on is absolutely critical, and a succession plan can help your organization identify a successor.

Of course, the CEO isn’t the only one in your organization with an important role to play. Losing people in other key positions — from your chief information officer or chief financial officer to key managers or other employees — can be equally devastating. A succession plan helps you prepare for those losses and deal with them when they occur.

When your organization has a visible succession plan:

  • It signals to your employees that you’re focused on their long-term future by protecting your organization from the havoc that unwelcome departures can create.

  • It assures clients and customers and helps preserve their confidence in your organization because they know that it will continue to provide products and/or services without interruption.

  • It helps focus people’s attention on the competencies they need to do an excellent job.

  • It puts more focus on developing talent from within your organization. People will know that with targeted education, training, and coaching, they could move into key positions. This boosts overall motivation, morale, and satisfaction in the organization.

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