When you think of succession planning (SP), does it seem like an all-consuming task that requires a lot of money, time and resources? Research shows that this is a very common belief.
Nearly one-third of companies with more than 1,000 employees said they don't currently have a succession planning program at their organization. The numbers for smaller organizations are even more dismal: a whopping 58% of small business owners have no succession plan, according to a study of 200 privately held businesses.*
Sadly, a common reason both small and mid-size companies are without a succession plan is lack of time, resources and knowledge to successfully develop and implement a succession plan. While hiring a succession planning coach or consultant can be a great solution, it is often a premium service that comes with a premium price tag.
For organizations who urgently need expert guidance and advice and are looking for a more economic cost, there is the option of hiring a remote succession planning consultant.
Unsure if remote succession planning can work for your organization? For an overview of services and steps used in an effective succession planning process, watch the video below or keep reading.
The biggest benefits of choosing remote succession planning are maximizing your time and budget … and don’t forget the cost savings! This simpler process includes most of the same components as an in-person session, but with these benefits:
- Facilitated from a distance at time and location of your choice
- Cost-effective (fixed fee for service)
- Requires less time (completed in 4 weeks or less)
This highly effective and convenient process can be conducted for one position or multiple positions in your organization. Succession planning is an important strategic function for organizations of all sizes, in all industries, so don’t wait another day to safeguard the future of your business.
If the situations mentioned above aren’t handled with a thoughtful and strategic succession plan, the negative effects on your business could lead to:
- Quality of product or service suffers
- Decline of financial or strategic goals
- Decrease in employee morale/confidence
- Drop in employee retention
None of the above scenarios will lead your company down a successful, profitable path. Make sure you create and refine a plan for your business to evolve in the years ahead. Too many business owners get caught up in day-to-day operations and put longer-range planning on the back burner, but for a company to guarantee its future success, the C-suite and HR need to work together to make succession planning a thoughtful and ongoing process.
A solid succession plan will ensure your organization recruits, designates, prepares and develops the right employees to fill the necessary leadership roles in the business.
For more free succession planning resources, including the tools mentioned in steps 1-6 above, download our free templates here or visit our web page, The Comprehensive Guide to Succession Planning for a deep dive on the topic.
Interested in speaking with one of our succession planning consultants directly? Go here.