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Why is Succession Planning Important?

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Succession planning prepares the company and the employee for future needs. Matching that employee�s talents to current needs and training them for future responsibilities creates a cycle of anticipated growth and goals.

A good succession plan maps out which employees are ready for new leadership roles as they become available, and when one employee leaves or is promoted to the next level, another employee is already trained and ready to step in where they are needed. Many offices accomplish this on a small scale by job sharing and cross training for every position. However, a succession plan goes further, by planning for the training of employees to assume more responsible roles, providing that training and assessing each employee�s ability to step in when a position becomes available.

Assessing and creating a match between corporate goals and individual aspirations is the key. Your company�s succession plan will include assessment packages, classroom and computer learning opportunities and short term job assignments that offer employees opportunities to participate in more responsible roles before taking on those responsibilities permanently. Talented employees who want to grow will either grow within your company or will move on to another if growth opportunities are not available in their current position.

Succession planning is not just important for the company and its current employees, but also for investors, customers, the community and the employees and their families. The impact of a company going out of business will splash like waves on every life it has touched. Planning for the future, rather than just getting by today is imperative if a company is going to exist in 5, 10 or 20 years.

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