Why succession plan and what are 5 key steps to take when doing it!

What is succession planning in business?

Succession planning in business is the process of identifying, assessing, and developing individuals who are qualified and potentially qualified to take over key roles within an organization. In New Zealand there are a lot of fleets getting ready to sell business, or handover to next generation – so you need to make sure you are prepared and ready for the strategic plan.

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Why is it so important?

It is important because it ensures that the organization has the right people in the right roles at the right time, allowing for smooth transitions and continuity in operations.  

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What are 5 key steps to take when succession planning?

The five key steps to take when succession planning are: identify key roles, assess current and potential successors, create individual development plans, monitor progress, and develop a contingency plan.  

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What can happen if succession planning is done wrong or not done at all?

If succession planning is done wrong or not done at all, the organization may struggle to fill key roles due to a lack of qualified candidates and could experience a disruption in operations and a decrease in performance

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