How to Ensure a Bright Future for Your Business with Succession Planning

Beth Dean 06.20.23
Weekly Tip - 2023-06-20 - succession planning

Start planning for your future superstar.

What would happen to your company if you lose a key leader or employee tomorrow?

It’s a tough question, but necessary. You want to ensure your company can continue, even without the lifeblood that keeps it running smoothly today. That’s where succession planning comes in.

Succession planning is identifying and developing employees capable of taking over key roles within an organization when current leaders retire, resign, or otherwise leave their positions. 

It’s important because it helps ensure a business’s smooth and continued success even after top leaders and employees leave or retire. Think of it as preparing for the future, like saving for retirement or buying insurance. By having a solid succession plan, a company can maintain its stability, culture, and performance and minimize disruptions. 

By investing your efforts in succession planning, the organization shows that it is committed to its long-term success and stability. This can help to build trust and confidence among employees and stakeholders.

Here are a few key points to keep in mind when it comes to succession planning:
    1. Future-proof your biz: By planning ahead, you can ensure a seamless transition and keep your business on the road to success. No more disruptive surprises!
    2. Grow your leaders: Why settle for anyone less than the best? By nurturing a pipeline of talented employees, you’ll always have the best and brightest ready to step up and take the lead.
    3. Invest in your team: Show your employees you care about their future by investing in their development. Offer training and mentorship opportunities to help them reach their full potential.
    4. Create a culture of learning: A workplace where growth and learning are encouraged is a workplace where everyone thrives. So let’s foster a culture that inspires employees to keep growing and reaching for new skills.
    5. Team up with the right people: Work with the key players in your organization, like managers, HR, and employee representatives, to ensure your succession plan is on track and meets everyone’s needs.

Succession planning is like setting up a solid foundation for your organization’s future. By putting time and effort into employee growth, creating a workplace where learning is encouraged, and working together with the important people in the company, you’re paving the way for a thriving future for your business.



Nextep Referrals. Earn money for your referrals!

Also on Nextep

March 1, 2024 is Employee Appreciation Day! Every year, businesses across the globe take a moment to pause and honor the backbone of their success: their employees. Employee Appreciation Day, usually celebrated on the first Friday of March, is a chance to express sincere gratitude and show these hardworking individuals how much they mean.  Appreciating […]
Read more
Remember that new independent contractor rule coming soon? It’s the one that makes it harder for businesses to call a worker a “contractor.” As a reminder, that big change kicks in March 11, 2024. Why should you care? More workers might become employees. This means benefits like minimum wage, health insurance eligibility, paid time off, […]
Read more
What Businesses Need to Know Last week, we discussed collaborating with employees who request religious accommodations during Ramadan. This week, we’ll look at some of the nuts and bolts of religious accommodations at work and the impact of last year’s Supreme Court case, Groff v. DeJoy. The Groff v. DeJoy decision, as we covered when […]
Read more
Ramadan, the holy month of fasting and reflection for Muslims, begins on Sunday, March 10, 2024, and end on Tuesday, April 9. As an employer, understanding your Muslim employees’ needs during this time fosters a supportive and inclusive workplace.  It’s important to consider that rejecting flexible requests without a valid reason could be seen as […]
Read more
Big Change for Gig Work and More The Department of Labor (DOL) has revised its rules for classifying workers as independent contractors, making it more difficult for businesses to do so.  Effective March 11, 2024, this change impacts workers across the US and could have significant implications for businesses of all sizes. New rules make […]
Read more
Essential Updates for Employers in the New Year Heads up, employers: there are several new workplace laws and regulations in 2024.  The new year is just around the corner, bringing a wave of changes for employers nationwide. These regulations aim to create a fair and supportive work environment that attracts and retains top talent. Federal […]
Read more
Ah, the holiday season—a time for joy, festivities, and the age-old puzzle of compensating your employees. Let’s demystify the rules of holiday pay for both our hourly (nonexempt) and salaried (exempt) workers. For the Hourly Heroes Picture your business decked out in holiday cheer, but your nonexempt employees are sipping cocoa at home. Under the […]
Read more
Keep Your Party Pants Professional As the year ends, and you’ve achieved feats at work that deserve a standing ovation, the holiday office party is your well-earned, much-awaited reward.  But beware! When the festive spirit meets the allure of a bottomless drink supply, things can take a wild turn, leaving you nursing a hangover, regret, […]
Read more
We’ve talked recently about the importance of sustainability in business. Let’s take it a step further and look at ESG, or Environmental, Social, and Governance.  The Impact of ESG on Companies Environmental (E) Companies that focus on their environmental impact are making a positive change. They reduce their carbon footprint, use clean energy, and find […]
Read more
Sustainable business isn’t just for hippies! As we discussed in our previous article, sustainability is increasingly important to today’s business. It is a crucial and relevant issue that affects everyone and every organization, regardless of industry or beliefs. Sustainability involves taking a long-term, holistic view of how we interact with the environment and our communities, […]
Read more
At Nextep, we aim to stay informed about CEO concerns in order to better help with problem-solving. We were surprised to learn that sustainability has become a top concern. The statistics bring CEO concerns to light: A Gartner survey found that CEO concern about sustainability has increased 292% from their 2021-22 survey. In a survey […]
Read more
It’s not the most savory of topics, but still merits discussion. All of your employees will need to use the bathroom during work. Here’s a potty primer, if you will. Disability and Bathrooms The Americans with Disabilities Act (ADA) has clear regulations on bathroom accessibility in the workplace. Much of the guidance revolves around making […]
Read more

Download Our App

Download the Nextep Mobile App in Apple iOS or Google Play