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Why it matters
The unexpected departure of a key person can bring an entire operation to a halt. A succession plan reduces that risk and gives the board peace of mind.
The essential steps
- Identify the critical roles, not just the highest ones on the org chart.
- Map internal talent with the potential to grow into those roles.
- Detect the gaps and define concrete development plans.
- Review the plan every six months, because people and the business change.
The role of an external partner
An external talent mapping complements the internal view: it shows you who is available in the market and how much they cost, so you can decide between developing or attracting talent.