Succession in business – how to ensure business continuity?
In business, succession plays a crucial role in ensuring the continuity of the company and enabling its future development. Succession is the process of planning and preparing successors who will lead the company in the event of the founder or other key leaders’ departure.
Why is succession important?
Without succession, a company may find itself in a difficult situation when important positions remain unfilled after key employees’ departure. The lack of succession planning can lead to uncertainty and chaos in the company, affecting its reputation and market value.
How to plan for succession?
Succession should be planned in advance and take into account various factors such as the founder’s or other key employees’ age, health, and future plans. It is also essential to identify the requirements and competencies that the successor should possess to effectively manage the company.
Another important step is to identify potential successors and prepare them to take responsibility for the company. It is important to provide them with the appropriate training and tools that will allow them to develop the competencies and skills necessary to play key roles in the company.
At this critical moment, it is worth reaching for the solutions offered by Skillbox Competence Matrix. Thanks to the benefits provided by this software, one has a clear view of the skill levels in their team. Competency gaps and surpluses are visible, and the ease of planning development paths not only saves time but, above all, ensures that each employee will be trained and ready to take over their predecessor’s duties.
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Motivation for succession
An important aspect of succession is the motivation of both the founder and potential successors. The founder should understand that the succession process is an integral part of the company’s long-term strategy, and its goal is to ensure the continuity of the business and its future development.
Potential successors, on the other hand, should feel appreciated and motivated to take responsibility for the company. It is important to provide them with appropriate working conditions, attractive remuneration, and career development, which will maintain their interest in the company and engagement in its development.
Succession in a company is a key process for ensuring business continuity and enabling its further development. Succession planning should be part of the company’s long-term strategy, taking into account various factors and enabling the identification of potential successors and their preparation for playing key roles in the enterprise.
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