COURSE OBJECTIVES
DECIDING WHAT YOU NEED
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Turnover becomes critical : The number of high-potential workers leaving is higher than average workers leaving.
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Employees feel undervalued: When a majority of your employees feel that there is no room for advancement or that you choose too many outside hires, there is a succession-planning problem.
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There are no replacements for key talent: Should a valued member of staff suddenly leave, there is no one able to take his or her place.
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The time to fill metric is high or unknown: The time to fill metric is the average length of time that it takes to fill a position.
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The retention risk analysis is high: A risk analysis uses different factors to determine the potential number of employees who will leave.
BENEFITS OF SUCCESSION PLANNING:
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Decreased turnover
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Increased employee satisfaction
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Improved commitment to company goals
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Enhanced image of the organization
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Identify the long-term goals and objectives of the business
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Understand the developmental needs of the company and identify employees who fit these needs
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Recognize trends in the workforce and engage employees to build loyalty
WHAT DOES SUCCESSION PLANNING REQUIRE?
DEVELOP A MISSION STATEMENT
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Statement of Purpose: This explores the purpose inspiration of the company.
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Statement of Strategy: The statement explains how the business strategy connects with employees and customers.
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Statement of Value: This links the strategies of the organization with the values of employees and consumers.
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Statement of Behavioral Standards: Employee behavior is linked to the company’s values in this statement.
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Statement of Character: The culture of the company is outlined in this statement.
DEVELOP A VISION STATEMENT
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Determine the values of the company: Ask people how they feel about the future of the organization and its values.
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Discover future goals: Find out what vision people have of the company in the future. Attempt to create specific future goals.
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Write and rewrite: Vision statements should be able to change. Once a vision statement is drafted, it can and should be altered as the market changes and the company develops.
IDENTIFYING STRENGTHS
IDENTIFYING WEAKNESSES
TYPICAL COMPANY STRENGTHS
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Customer loyalty
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Products
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Customer service
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Financial gains
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Employee loyalty
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Research and development
TYPICAL COMPANY WEAKNESSES
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Inefficient customer service
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Poor finances
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Low quality products or services
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High employee turnover
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Disloyal customers
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Bad relationships with vendors
IDENTIFYING OPPORTUNITIES
IDENTIFYING THREATS
TYPICAL OPPORTUNITIES
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Growing markets
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Advancement in technology
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Economic stability
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Demographic changes
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Mergers
TYPICAL THREATS
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Price wars
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Buyers markets
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New competitors
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Demographic changes
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Advancement in technology (makes your product obsolete)
BUSINESS SUCCESSION PLANNING
WELCOME TO OUR
BUSINESS SUCCESSION PLANNING COURSE OUTLINE
The loss of valuable leadership can cripple a company. Business succession planning is essentially preparing successors to take on vital leadership roles when the need arises. Whether it is preparing someone to take over as the sole proprietor of a small business or a position of leadership in a corporation, business succession planning is essential to the long-term survival of a company. This course will teach you the difference between succession planning and mere replacement planning and how to prepare people to take on the responsibilities of leadership so that the company thrives in the transition.
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Define business succession planning and its role in your company.
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Lay the groundwork to develop a succession plan.
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The importance of mentorship.
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Define and use a SWOT analysis to set goals.
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Create a plan, assign roles, and execute the plan.
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Communicate to develop support and manage change.
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Anticipate obstacles, and evaluate and adapt goals and plans.
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Characterize success.
