Most if not all businesses have at some point considered succession planning … after all it is critical when attempting to establish business sustainability. Yet, many fail to implement their plans fully or just lose interest. This surprises me considering it should be one of the most important agenda items for business owners, Boards, and NEDs. As a reminder, here are some of the obvious reasons why succession planning is critical to businesses of all shapes and sizes:
- Unplanned changes: A senior leader leaving unexpectedly can hurt an organisation, big or small.
- Planned changes: Resignations and/or terminations are obvious ones, but it’s not uncommon for a critical member of staff to give three, six or even twelve months’ notice of their intention to leave yet a poorly managed, often late, recruitment process is put in place. This leaves the business in a position of desperation, reactively filling an empty seat with the earliest available candidate rather than holding out for the most suitable long-term hire.
Norman Broadbent plc (LON:NBB) is a leading Professional Services firm offering five interrelated Talent Acquisition & Advisory Services: Board & Leadership/Executive Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Recruitment solutions.