The future can be a frightening thing, especially when it’s filled with doubt and uncertainty. Many times this uncertainty is just a part of life, but when it comes to the future success of an organization, it doesn’t have to be.
Succession planning should be a top priority for every company in any industry. If you’re able to ensure organizational success, why wouldn’t you? Succession planning means that you are preparing and developing current employees for future advancement and growth opportunities within the organization. Not only does this help engage and retain your employees, but it ensures talent continuity and reduces organization risk.
Start by understanding where current skill gaps exist in your talent pool. Instead of recruiting new people, help develop current employees to overcome those obstacles. With regular feedback and learning opportunities, you can build up employees to one-day take the place of a retiring employee instead of being at a loss of talent.