To assure continuity of a business’s operations, many companies use succession planning. This is the process by which talent
from within the company is identified and developed to potentially fill key leadership positions. Succession planning increases

the availability of experienced and capable employee able to assume key positions when they become available and limit any

interruption to operations.

Need for Succession Planning

Recruiting and training for key positions can be difficult, time consuming and expensive, particularly when filling a vital

position that was unexpectedly vacated. Being proactive, identifying and developing talent from within the company to fill key

positions through succession planning can make the process more efficient.

Succession Planning Process

While a company’s succession plan must be customized to fit its need, the following steps are typically part of the process:

Determine the roles and skills critical to the company’s growth

Identify employees who could fill other roles in the event of a vacancy

Identify and understand what training is needed for a smooth transition Start to train backup employees on various roles

to prepare them for a possible role shift

Ensure that all employees recognize and understand their career paths and the roles that they are being trained to fill

Identify employees in all areas of the business and work to ensure they are highly engaged and satisfied with their roles

and the organization itself

Understand the time needed to cultivate the talent needed to fill key roles

Review, evaluate and adjust the succession plan as employees transition in and out of key roles.

Losing a key employee can be a devastating interruption to business operations. Succession planning can help ensure the

smooth transition of staff into the vacant position with minimal interruption to the business.

For more information on recruitment and retention, contact Smith Brothers Insurance today.