Looking to the future is important for all businesses, no matter the size or the industry. Having a succession plan in place will allow your business to plan for the long-term and to ensure your brand’s identity and goals are maintained through any company changes that may occur.
Follow our 5 steps to help your business successfully implement a succession plan:
- Lead from the Top: For the rest of the company to follow suit, it’s important to have a leadership team in place to set the example. Your leadership team should understand who you are as a company so they can demonstrate it and instill this among your team.
- Conduct Employee Assessments: In order to understand who is performing well, it’s vital to have a system in place for employee assessments. You want to be sure to take into consideration an employee’s potential for higher-level positions. Referring to these regular assessments will allow you to successfully plan who will be able to fill certain roles in the future.
- Rely on Human Resources: Your HR team will play a big role in implementing your succession plan. They should work closely with upper management to understand company goals and be the catalyst for hiring the right individuals needed to grow your business. HR processes should be streamlined to include quality evaluation programs, training programs, and compensation reviews.
- Grow your Talent Internally: Consider an action plan for each employee. Individuals who have the desire to grow and learn are an asset to your organization. Nurture these employees with proper training and management so that they can grow along with your business needs.
- If Needed, Look Outside: While the idea of filling roles with your existing employees is appealing, it’s not always realistic. Be open to hiring from outside your company when needed. This will allow you to cultivate diverse talent with the skills needed to fulfill your business’s unique needs.
Not sure where to begin future-proofing your business? We’re here to help and can assist in implementing a succession plan for your company. At Rock the Recession, we offer Strategic Planning Summit Guides where both Jonathan and Paul work directly with your teams to customize a strategy that will achieve long-term results for your business. Learn more by contacting our team today.
