Succession Planning
"Success isn't just about what you accomplish in your life; it's about what you inspire others to do." - Boretti Inc.
Succession planning is a critical business strategy. It ensures that you have the business-critical positions covered in any eventuality. Alongside that, succession planning helps you to identify and nurture future leaders within your team.
HOW CAN MERCURY HAMPTON HELP YOU?
Our clients work with us to build a solid succession plan for their business.
- Identifying, nurturing, and retaining highflyers for future key roles.
- Contingency planning to mitigate resignation, illness, leave or early retirement.
- Mitigating the risk of a leader with a business-critical skillset leaving or falling ill.
- Leadership and management succession.
- Sales team transformation.
- Preparing for a business sale and owner’s exit.
- Replacing or enhancing niche skills.
THE PROCESs
We recommend you develop your succession plans alongside your 3–5-year business strategy. This way, we can align your succession plan to your goals.
Depending on the scenario, there are several steps to the process.
- Survey the business to identify the business-critical positions and jobholders.
- Run ‘what if’ scenarios and develop appropriate succession plans (for example to cover resignation, sickness or even a large lottery win)
- Identify and evaluate highflyers to develop within your business.
- Where necessary, search externally and build pools of candidates for critical positions, should external recruitment be required.
- Create development plans for existing employees, to help retain and prepare them for future roles.
Succession planning can mitigate the risks to your business, should you lose a key player. And it will turbocharge your business strategy, by nurturing your in-house talent.