Succession Planning for Senior Executives and Critical Personnel:

A Must-Have for Any Business in the Case of an Unexpected Accident or Death

In the wake of an unexpected accident or death of a key executive or critical personnel, it is more important than ever for businesses to have a succession plan in place. Without a plan, businesses may find themselves struggling to fill the void left behind, which can lead to disruptions in operations, a decrease in productivity, and a decline in morale.

84% of CEOs say that succession planning is a top priority, but only 43% have a formal succession plan in place. (Vistage)

The importance of succession planning

Succession planning is the process of identifying and developing internal talent to fill key roles in the event of a vacancy. It is a critical component of any business’s long-term strategy, as it helps to ensure that the business has the right people in the right places to continue to operate and succeed.

The cost of replacing a senior executive can be up to 213% of their annual salary. (Mercer)

In the case of an unexpected accident or death, succession planning can help businesses to:

• Minimize disruption to operations
• Maintain customer relationships
• Avoid costly external recruitment and training
• Protect the business’s reputation
• Ensure a smooth transition of leadership

How to create a succession plan

The first step in creating a succession plan is to identify the key roles in the business. These are the roles that are essential to the operation of the business and that would be difficult to replace.

Once the key roles have been identified, the next step is to assess the talent pool within the company. Who has the potential to fill each of these roles? Consider factors such as experience, skills, knowledge, and leadership potential.

Once the talent pool has been assessed, a plan can be created for developing and preparing the successors. This may involve providing them with training, mentorship, and opportunities to take on more responsibility.

It is also important to regularly review the succession plan and make adjustments as needed. This will ensure that the plan is always up-to-date and that the right people are in place to lead the organization into the future.

To learn more about how Hylant can help you with succession planning, download our free guide today.

Conclusion

Succession planning is essential for any business that wants to maintain business continuity and ensure its long-term success. By identifying and developing internal talent to fill key roles, succession planning can help businesses to minimize the impact of an unexpected accident or death of a key executive or critical personnel.

Casey Fernandez - Hylant