Company Benefits
The list below includes the benefits of succession planning for a company.
- It helps identify more quickly which employees will take over the company’s pivotal open positions so a business can continue to run as normal.
- It creates a path for retiring employees to hand off their years of hard-earned knowledge and transition important working relationships before they leave. The “baton is easily passed from one to another.”
- Dedicating time to plan the future of your organization saves time and money. Recruiting external candidates and finding the right replacement can be expensive.
- It uncovers the weaknesses that an organization must work on to secure business and financial growth. Your company can create a formal training and development structure.
- It gives your company a great perspective of the current talent in your organization.
- It helps your company retain knowledgeable and valuable employees.
Employee Benefits
The list below includes the benefits of succession planning for employees.
- It helps individuals realize their career plans and aspirations within the organization.
- It improves employees’ ability to respond to changing environmental demands and improves employee commitment and retention.
- It allows employees to develop professionally, which in turn improves employee morale.
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