Business succession planning is the process of identifying key roles within an organisation, potential successors, and the appropriate skills and experience required for the future of the business. This is a vital process required by any business as it provides a level of comfort to financiers that the risk to the business is being managed in the event of a loss of certain personnel. There are a number of activities covered by succession planning which include the following:
- Identifying the roles and skills critical to the growth of the company
- Determining potential areas of weakness as a result of the process
- Preparing a developmental plan to meet the needs of the key employees
- Communicate to all key employees their career paths and required roles
- Assist in identifying the new roles required within the organization and develop the skill sets required for these roles
- Continuously examine and improve the succession plan.
- Work closely in identifying top performers in all departments and ensure that they are continually aligned and motivated to stay with the business in the longer term.
- Continually review the process and ensure that the required individual development is taking place.
The main advantage of business succession planning in an organisation is the development of a talent management process for the future which is essential to attracting and retaining the best people which will help the future growth and development of the organisation. Opes Wealth Trust can assist in this process and help in identifying tools used by the organisation in retaining and attracting these key individuals.