Management Information

Succession Planning for Your Business - 7 Key Benefits


A core activity in many successful businesses, Succession Planning is simple and quick to implement - here are seven reasons why you will find it of great value in your business or organisation. But, you need to lead - it works only as well as the support it gets!

  • Time

    Succession Planning creates capable people. Capable of taking the weight from management, to ensure they don't have to do it all. This is hugely relieving for a manager and means that they can focus on bigger picture issues. Time is also saved from the manic fire-fighting that happens when key people leave. This stops.

  • Confidence

    With Succession Planning helping to create a healthy business future, managers can build a level of security into how they do their job. This means that they can try out new things to build their business. Safe in the knowledge that they will have the right people in place at the right time, their confidence swells and they become far 'bigger' people in themselves.

  • Reward

    Both financial and emotional. Performance usually generates improved earnings, since that is the way many businesses reward their people. But there is more to it than that. It is more fulfilling to be rewarded by the emotional return, gained by using Succession Planning to create a brilliant team. It is personally extremely satisfying. This has positive knock-ons into other areas of a manager's well being too.

  • Recognition

    Particularly in bigger organisations, making a difference above and beyond the call of duty gets seen to be a valuable quality. Being seen to deliver exemplary standards through their employees is notable. It's easy to feel a cheat here! Succession Planning facilitates the delivery of excellent performance - which others notice and may even ask how. This does no harm at all.

  • Prospecting

    With a plan in place a manager can become more aware of possibilities. Potential candidates will appear and can be recruited to fit later gaps. New skills in existing employees will show through. The awareness of what is going to be required helps the process.

  • Preparation

    As the process unfolds, gaps and opportunities will appear. This is well in advance of requirement. So managers can take steps to create development. This pro-activity is of vital importance and enables much smoother transitions in the future.

  • Testing

    As potential key employees start to fill the spaces in the future plan, opportunities arise where individuals can be tested; tried out. This is an excellent chance for both sides to analyse how new challenges are absorbed. It provides a chance to develop on-the-job experiences, which whilst stretching, also benefit from support and coaching. This reduces the risk of overwhelm.

Worth a little time investment? And once Succession Planning is up and running, you will be amazed at the level of attraction it presents in your business.

Martin Haworth is a Business and Management Coach. He works worldwide with business owners and corporate leaders. He is the author of the Succession Planning Toolkit. Checkout the complimentary 7-day E-course! (Note to editors. Feel free to use this article, wherever you think it might be of value - it would be good if you could include a live link).


MORE RESOURCES:

Reuters

CORRECTED: Management wins bid for Lehman's Neuberger
Reuters - 1 hour ago
PK: Quote, Profile, Research, Stock Buzz) prized asset management unit Neuberger Berman has been won by a team consisting of Neuberger's management, ...
Neuberger Berman Management, Lehman to Purchase Investment Unit Bloomberg
Neuberger to Be Acquired by Management MarketWatch
Three Bidders Emerge for Lehman Investment Management Unit Wall Street Journal
New York Times - Bloomberg
all 293 news articles


Upcoming CyberShift Webcast Examines the ROI of SaaS-Deployed ...
MarketWatch - 2 hours ago
Through an automated workforce management solution -- especially using the SaaS-based delivery model -- organizations can leverage their workforces to ...


Everest Software Partners with Foxfire to Offer Integrated ...
MarketWatch - 1 hour ago
Foxfire specializes in Warehouse Management Systems (WMS). Comprised of software, hardware, and professional services, Foxfire's WMS solution is ideal for ...


SuccessFactors' Professional Edition Enhances Orion Bank's ...
MarketWatch - 4 hours ago
the global leader in on-demand performance and talent management solutions, today announced Orion Bank has selected the SuccessFactors Professional Edition ...


Research and Markets: Decision Matrix: Selecting an Institutional ...
MarketWatch - 1 hour ago
... of the "Decision Matrix: Selecting an Institutional Performance Management Solution in Higher Education (Competitor Focus)" report to their offering. ...
Research and Markets: Selecting a Managed Network Services Vendor ... MarketWatch
all 12 news articles


Goldman wealth management unit hit by fund's decline: report
Reuters - 10 hours ago
This decline in the fund, called Goldman Sachs Liquidity Partners 2007, has hurt the company's plans to expand its wealth management operations, ...
Another Goldman unit hit by decline Financial Times
Another Goldman unit hit by decline FT Alphaville
all 18 news articles


RCN Management to Present at UBS 36th Annual Global Media ...
MarketWatch - 2 hours ago
, , ) , a leading provider of all-digital television, high-capacity data, and voice services to residential, business customers and service providers, ...
Avaya Global Services Offer to Help Enterprises Optimize Existing ... MarketWatch
all 19 news articles


The Money Times

Services contracting at the worst pace ever
MarketWatch - Dec 3, 2008
... contracting in November at the fastest pace on record, according to a survey of companies released Wednesday by the Institute for Supply Management. ...
FACTBOX: President-elect Obama to face distressed economy Reuters
Service sector weakens in November CNN
ISM: New Orders, Prices Plummet TheStreet.com
MarketWatch - Reuters
all 810 news articles


Qualia Clinical Services: New Director, Data Management and ...
MarketWatch - 20 hours ago
"Data Management and Regulatory Affairs are a very integral part of what we do at Qualia, and we are very confident that Dr. Por's background and expertise ...


MMM Successfully Completes Contract Management Project for ERDAS
MarketWatch - Dec 3, 2008
Morris, Manning & Martin's Contract Management System helps businesses of all sizes manage their contracts more efficiently and effectively. ...

Management - Google News

home | site map
© 2006