What is succession planning for your business

The term “succession planning” is used throughout the recruitment industry and Chase Taylor wanted to discuss what it means to you and how it can affect your business.

It is being able to take the time to step back and analyse at your business.

To consider the different departments, operating functions and assess any areas of weakness or growth were replacing or adding employees will benefit the business.

It is the opposite to receiving a resignation and reactively recruiting to an unforeseen circumstance. This is a proactive approach, and it would be a scenario similar to someone notifying you of their retirement and sourcing a replacement to complete a smooth transition. Or fulfilling planned growth of the business and sourcing candidates in line with the projections required. Or in some cases replacing poor performers within the business.

The benefit to doing this early for your business would be:

• No loss of service to you or your customers through missing key personnel
• No added workload or stress to other employees who would have to pick up the duties in their absence – averting the risk for potential other resignations.
• Being able to prepare and allocate the proper time and resources to embedding a new employee to your business; reducing the chance of failure and speeding up the learning curve of a new employee.

As your business grows and continues to, more and more time will be spent recruiting for top talent to join your team, which will inevitably take your focus from your other responsibilities. 

However, partnering with a specialised recruitment firm who understand your industry will give you the edge in screening and speaking to industry trained and experienced candidates that can start to add value to your business from day one. We work hand in hand with companies, creating people plans and ensuring they are kept aware of the most desired skillsets, needed and asked for in the industry today.