Do we really need a succession plan during a depressed economic period when unemployment is at its highest in decades? To answer the question, we need to better understand what a succession plan is and how it relates to running a service organization. There is a perception that succession planning is only applicable for senior executive positions such as CEO, COO, etc. The true definition of a succession plan is “the process of identifying and developing suitable talent that is able to replace key positions as and when required.” The key phrase is “developing suitable talent” which could be any critical position within your service organization, technical or management. Read this article to learn the five-step process that will help simplify succession and development planning.
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