Succession planning can help organisations to achieve a number of objectives including:

• Retaining talent: A Survey of American’s top 70 companies identified that a clear link exists between succession planning and retention of top talent
• Active development of longer-term successors through ensuring their careers progress, and engineering the range of work experiences they need for the future
• Influencing resourcing and development strategies through auditing the ‘talent pool’ of the organisation
• Fostering a corporate culture through developing a group of people who are seen as a ‘corporate resource’ and who share key skills, experiences and values seen as important to the future of the organisation
• Improved job filling for key positions through broader candidate search, and faster decisions

Conversely, if succession planning is not in place, general risks to the organisation include:

• Losing irreplaceable skills
• Knowledge and expertise not shared
• Managers lacking the necessary skills and expertise for promotion
• Skills shortages leading to inefficiencies

We can work with you to develop and implement a succession plan that meets the needs of your organisation.

Click here to view the CIPD course on Succession Planning