Succession Planning: Succession planning is a process that ensures your company is prepared for the future. That way, when a key employee leaves, you already have someone in mind to fill their position (who, hopefully, has been groomed for this eventuality).
Succession planning keeps your business moving forward during the inevitable changes that come with running a business. And such plans serve as an excellent tool for retaining your strongest performers, who often tend to be the type of employees who need to know where their career is headed. (taken from https://www.insperity.com/blog/succession-planning/ )
When a key employee retires, leaves, gets sick, or needs extended time off, do you have a plan already in place? A plan that will be a smooth transition to someone else fulfilling that role.
I look at succession planning a little differently – have you taken time to gain the necessary information and knowledge that has taken years to build. When that person walks out the door, so does their years of experience, wisdom, knowledge, lessons learned, short cuts, simplified solutions, etc.
After the person leaves, you may definitely make some changes, but having someone shadow that person prior to them leaving and having them mentor the next in line is beyond beneficial. And it takes time, it is not a two week process – it could take a few months or more. From a monetary POV, it is a higher cost paying the two wages but it is well worth the extra cost. Giving them the opportunity to pass on their knowledge is essential for the business, the customers and the employee that takes over. The cost of not doing this may possibly cost more, from the extra time the new employee needs to learn things, mistakes made, possible loss of revenue, just to mention a few.
Here are a few links to check out:
https://www.investopedia.com/terms/s/succession-planning.asp
https://www.bdc.ca/en/articles-tools/change-ownership/plan-succession
Questions to Ponder:
What essential positions do you have in your company?
Do you have a plan in place?
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