Business Succession Planning Developing and Maintaining a Succession Plan: Change is unavoidable in businesses in the modern economy. The workforce is constantly changing – people come and go, switch departments within the company or get promoted to new roles. This leaves costly gaps that can be detrimental to business progression and resources. Succession planning will help you make the most out of any staff or departmental change by ensuring a plan of action so that when someone leaves, there is a capable new member of staff to take their place. The key to succession planning, and why it will help in your company, is down to being able to identify and growing talent to fill business-critical positions in your workforce in the future. It has evolved into a popular modern method for organisations of any size to implement and manage the gaps in their staff. Succession planning helps to maintain responsibilities and offers advantages to both employers and employees alike. It ensures that a business can maintain a certain level of productivity, while giving employees more responsibility, helping them to enhance their value and identify skills, developmental opportunity and experience for when the next opening arises.
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