What are the benefits to an employer of having a succession planning process?
Author: Warren N. Rothman, Blue Prairie Group, LLC
The benefits to an employer are numerous, including the following:
- Demonstrates senior management's commitment to invest in a planning and development process;
- Ensures key staff have ample advancement and promotional opportunities;
- Enables senior management (and the Board of Directors, if appropriate) to get to know its key people in greater depth;
- Ensures leadership and management continuity;
- Provides validated candidates ready to assume an open position and results in more timely fills;
- Establishes a culture and talent brand focused on development and internal mobility;
- Helps retain top performers; and
- Reduces overall talent acquisition costs.