Succession planning can prove to be critical for the success of a business. If an executive or other key professional dies or becomes incapable of performing their job unexpectedly, the company needs to be ready to move someone else into that suddenly vacant position.
Succession planning often involves identifying job responsibilities not thoroughly outlined in training materials and nominating individuals who might be capable of holding a specific position. The company can then work to enhance the capabilities of those candidates, possibly by providing them with supplemental training for potential future promotions. Professionals developing succession plans often need to identify multiple viable candidates to replace them.
Job transitions are quite common
Professionals contemplating which of their co-workers might be capable of performing their jobs may recognize that there is one person better equipped than anyone else for that role. While finding the ideal candidate is important, it is equally important to find numerous other candidates.
The ideal successor might not be patient enough to wait multiple years to move up within the company. They might leverage their training and career success to take a job with a different company or start a business of their own. Many ambitious professionals move to new jobs roughly every three years to optimize their career development.
Creating a list of viable candidates in a succession plan and agreeing to update the document when the company’s employee roster changes can help ensure that there are multiple people that the company can transition into a position if it becomes vacant unexpectedly.
Having assistance from a legal professional when developing or modifying a business succession plan can help executives and business owners be more thorough. With the right preparation, unexpected transitions do not have to damage an organization’s finances or internal stability.