Succession planning has become a significant concern for senior managers and human resource specialists. It is a means of anticipating the future and preparing for the continuity of business operations. Leaders can no longer ignore succession planning as it is increasingly important as today’s organizations experience unprecedented growth and change. Succession planning helps organizations strategically plan for future leadership openings by identifying, developing, and retaining future leaders. Companies with effective succession planning are five times more likely to outperform their competition in key business areas like leadership, employee development, and customer satisfaction. Publicly listed companies with poor succession plan trade at a 28% discount to similar companies without such a plan.
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