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Business strategy
Business Sustainability: Why a business needs a succession plan.
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[QUOTE="King bell, post: 334575, member: 75687"] Succession planning is very significant for business sustainability and entails spotting and grooming potential leaders who can take over when others leave.A company’s requirement for succession plans include: 1.Business Continuity: A well-planned succession plan ensures that it can continue operating without hitches even if key leaders suddenly leave or die.It guarantees having a trained successor ready to take up leadership. 2.Talent Attraction and Retention: An explicit succession plan can assist in attracting and retaining finest employees through providing elucidate career path and developmental prospects.The aspect of building trust and loyalty across workers that make them feel recognized besides being part of its success. 3.Risk Mitigation: Leadership transition comes with risks which are averted by succession plan.The latter has a stipulated process of changing leaders; thus, ensuring that organizations retain their competitiveness, fulfill customer requirements, as well protect their assets. [/QUOTE]
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