When running a business, it’s important to plan ahead, thinking about everything from your next product order to your goals for the next quarter or year. In addition, you should also think about what to do when key executives and employees retire or leave the company, making plans to replace them.
This process of developing talent to replace key employees is known as succession planning, and it is something that our team at Piervincenti & Tarantino Law, PLLC can help you with. In this article, we will go over a few key things you should know about succession planning in order to achieve the results you want.
- Succession Planning Saves Time and Money- One of the benefits of succession planning is that it will help your company save time and money. By developing talent within your team to replace key players as they retire, you will avoid having to search for their replacement later.
- Succession Planning Helps Deal with Talent Scarcity- Another benefit of developing internal talent in preparation of key employees retiring or leaving is that it helps your company avoid having to compete with other employers for candidates. If the employee in question had a skillset that is scarce on the job market, it’s wise to start training your current employees to take over that work rather than trying to hire someone else to do it.
- Succession Planning Keeps Your Operation Running Smoothly- A third benefit of succession planning is that it helps prevent interruptions or lags in your company’s workflow. Because you will have skilled employees who can immediately step in to high-level roles, your team can continue to deliver consistent, excellent results.