Succession planning is the process of pinpointing key needs for leadership and intellectual talent throughout the organization over time and preparing individuals for present and future work responsibilities. In a family business succession planning involves: Strategic planning, Financial planning, Estate planning, and.
Why is succession planning so important?
Succession planning is an important part of the talent management process. It provides a way to identify key roles, people with the right skills and positions that may need filling in a short space of time. It also provides a way to cut the costs of recruitment, enabling organisations to manage recruitment in-house.14 Jun 2019
What factors should be considered in preparing for succession planning in family business?