Search Results: succession planning

Succession Planning:

Whether a company is a for-profit or non-profit organization, one of management's key concerns is always that no successor is ready to fill a key position upon vacancy. In succession planning, managers pinpoint employees at risk to leave and the resulting impact on the company, examine bench strength of current employees, profile position requirements, analyze employees' skill sets to forecast readiness for promotion and identify potential successors. Developing internal talent can be a significant source of savings considering external recruitment and training can be twice as expensive as finding internal successors.