By Sarayu Raghavan, 29 Sep, 2016
Succession planning is one of the most powerful tools to retain the best talent yet it is often overlooked. A survey by SAP/SuccessFactors states that 63% of organizations do not have succession planning i.e. their business is running on high risk due to lack of proper succession plan.
Succession planning is a complex process which involves tracking performance, training, and development, and also ensuring that potential candidates have the required skills and competencies. This could be one of the reasons many organizations don’t implement it. However, most organizations that implement succession plans primarily focus on the top positions. This approach is short-sighted and may not give the desired benefit. Continue Reading