Succession planning sort of feels like signing up for life insurance or investing in your retirement. It’s not something you need today, and you’ve managed thus far, so why think about it? And couldn’t you just figure it out when the time comes?
Sure, you could get away with not having these things in place, and what if they were in place? Your loved ones would be pretty relieved you had life insurance should a tragic event occur. And you would be a lot less stressed being able to comfortably retire when the time comes.
Same goes for succession planning. Who wants to think about the long-term when there is so much to do in the short-term? Your employees want you to, actually.
We’ve spoken to hundreds of employees over the course of our work, and you’d be surprised how often this comes up. Succession planning is not just for small, family-owned companies who need to plan for when the founding owners retire. It’s more than that. Yes, planning for leadership turnover is part of it, but it also includes your workforce.
Why Does It Matter That My Employees Care?
You’d be surprised to learn that having a succession plan in place impacts employee engagement. I know, right? Who would have thought? According to a recent study conducted by Software Advice, a company that provides reviews of HR and talent management software, there are some pretty illuminating figures:
Where Do I Start?
There are many elaborate ways to put into place a succession plan, and if you haven’t started, it can be daunting. Here are some questions to think about:
Think about it – having life insurance gives your family peace of mind, a 401k gives you and your spouse confidence in retirement. It makes sense having a clear succession plan at a company would positively impact its employees. No one (well mostly) likes the unexpected.
Lexi Gordon is a Lead Consultant for exaqueo, a workforce consultancy that helps organizations build their cultures, employer brands and talent strategies. Contact exaqueo to learn more about how we can help you build a workforce that’s aligned with your company culture and develop an employer brand that will allow your business to scale the right way.