Succession Planning

How to tell your employees that you’re selling the company

You might be overwhelmingly excited to sell your business.  You might have imagined since the inception of your business that you would be able to accept a great offer and move on to pursue even bigger and better things. Morever, you should try to search for tips on how to sell your business for maximum value and what questions to have in mind when selling your precious company. You could see a bright future on the horizon, but that future isn’t the same for everyone who has been involved in your business.

Your employees may not understand your decision to […]

3 Important Phases of Succession Planning

Continuing our series on succession planning (read part 1 here and part 2 here), today’s blog discusses some of the essential steps in the actual succession plan development process.

 

First, let’s take another look at what succession planning is:

A “deliberate and systematic effort” designed to ensure the continued effective performance of an organization, division, department, or work group by making provision for the development and replacement of key people over time.

Preservation of “institutional memory”.

-William Rothwell, Effective Succession Planning

 

Succession planning:

is a strategic process for determining critical roles within a company, identifying and assessing possible successors, and providing them with the […]

4 Things To Do Before Starting The Succession Planning Process

Last time on the blog, we discussed some of the benefits organisations could experience simply by having a succession plan in place. These benefits include a significant increase in employee engagement and a higher number of identified, well-developed leaders on board. You can read the full article here.

Over the next few posts, we’ll discuss how to go about implementing a succession plan for your own company.

 

But first…What is a succession plan?

Leigh Richards, an expert in organisational management, defines succession planning as “the identification of job vacancies that can be expected to occur through retirement or attrition and the […]

3 Reasons Your Company Should Begin Succession Planning

Does your organisation have a succession plan in place? If not, you may want to consider developing one. Based on a recent report from Software Advice—an online reviewer of talent management technology—organisations that have succession plans in place tend to yield great results including:

A higher number of identified, well-developed leaders on board
A long-term commitment of ‘Gen-Y/Millennial’ team members
And a significant increase in employee engagement

 

What is a succession plan?

Leigh Richards, an expert in organisational management, defines succession planning as “the identification of job vacancies that can be expected to occur through retirement or attrition and the strategic consideration of where and […]

By |March 12th, 2015|Change, Coaching, Development, Employee Engagement, Generational Differences, Growing Pains, Leadership, Organisational Culture, Succession Planning, Teamwork|Comments Off on 3 Reasons Your Company Should Begin Succession Planning