4 proven benefits of reliable Succession Planning in 2023

Willard Rich

Reduce organizational risks by realizing how important succession planning is

Corporate succession planning is the process of identifying and internally developing talent with the specific objective of replacing key business leadership positions in the company.

What distinguishes high-performing organizations from underperforming ones is that successful entities understand the benefits of succession planning and thus engage in it on a continuous basis. In other words, their leadership perceives corporate succession planning as an investment and not an expense.

The benefits of succession planning are numerous, but not always well recognized. Most corporate entities today, regardless of size and location, cannot do without a carefully crafted management succession plan. In order to minimize risks associated with the loss of valuable personnel, companies must engage in talent pool management by first realizing the benefits of succession planning.

Even though the concept of corporate succession planning is not new, it has received increased attention due to the numerous advantages of succession management. These benefits are particularly important in a global business environment.

The 4 benefits of Succession Planning:

  1. Availability of capable individuals for management positions is increased
  2. The risk of losing experienced corporate leaders is minimized
  3. Fewer financial resources will be spent on the external search and development of candidates
  4. HR departments can establish formal procedures to support the process of selecting top and middle management
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