Companies are waking up to the fact that there are costs and pain associated with not having a succession planning strategy in place. Think about the stress of scrambling to find replacements when a key contributor walks. Or the financial impact of hiring – in terms of time and lost productivity when people are pulled away from their “real job” to interview candidates. Many companies end up going external (using headhunters) to replace a key contributor, which is clearly expensive when fees can range from 20-40% of the placed employees annual salary.
Since today’s workforce is more transient than ever, it becomes critical to assess employees – from both a talent and performance perspective – and openly provide career development opportunities to ensure the right people stay.
Let us help you clarify how to design a Succession Plan, assign roles, communicate to develop support and manage the change, anticipate the obstacles and adapt goals and plans accordingly. We can help you assess, groom, and place the right talent throughout the company.