Understanding succession planning

On Behalf of | Dec 23, 2020 | Estate Planning

Succession planning is a must for any business in Florida. Proper succession planning means that there will never be a vacancy within a company. A qualified candidate will always have been spotted to fill it. Succession planning means taking steps to hire the best people all the time. It’s important to think about the long-term prospects for candidates before onboarding them.

Introducing succession planning into a workplace

Most companies don’t engage in formal succession planning at this time. However, it’s becoming more common. For businesses that are interested in crafting a formal succession plan, the first thing to do is evaluate their current teams. Talent-spotting potential leaders within small groups is key. That way, they can start to be molded. This is key because it’s not uncommon for middle managers to leave or be promoted.

Succession planning is a wonderful way of managing continuity and growth for any company. Usually, managers will notice a promising employee and mention their skillset to others in leadership. Typically, nothing is put in writing when it comes to this type of talent-spotting. Discussions about advancement may happen, especially at meetings, though.

The next thing to do with promising employees is to rotate them through a number of departments. This can involve moves that don’t lead to advancement right away. However, these lateral moves can prepare an employee for big steps in the future. Developing employees in this way is a big part of worker satisfaction. People want to feel like there’s something better waiting for them in the future.

Succession planning is a great tactic for companies to pursue. It can be prudent to consult a lawyer while implementing a succession plan. An attorney who’s experienced with business law might help companies understand the best way to develop their human resources.