How to plan your business management succession

Planning for management succession is critical for the long-term success and sustainability of any organisation. A well-executed succession plan can help ensure that the company continues to thrive, even when key leaders retire, leave the company, or are promoted.

Here are some steps to consider when planning for management succession:

1. Identify key positions: Start by identifying the key positions in your organisation. These are the roles that are critical to the company’s success and would cause significant disruption if left unfilled.
2. Define the skills and competencies needed: Once you have identified the key positions, define the skills and competencies needed to perform those roles effectively. This will help you identify potential successors who possess the required skills and competencies.
3. Develop a talent pool: Create a talent pool of potential successors for each key position. This can include high-potential employees, individuals who have expressed an interest in the role, and external…