COURSE OBJECTIVES

DECIDING WHAT YOU NEED

• 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.
   

• 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.
   

• The retention risk analysis is high: A risk analysis uses different factors to determine the potential number of employees who will leave. 

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BENEFITS OF SUCCESSION PLANNING:

• Decreased turnover

• Increased employee satisfaction

• Improved commitment to company goals

• Enhanced image of the organization

• Identify the long-term goals and objectives of the business

• Understand the developmental needs of the company and identify employees who fit these needs

• Recognize trends in the workforce and engage employees to build loyalty

WHAT DOES SUCCESSION PLANNING REQUIRE?

DEVELOP A MISSION STATEMENT

• Statement of Purpose: This explores the purpose inspiration of the company. 

• Statement of Strategy: The statement explains how the business strategy connects with employees and customers. 

• Statement of Value: This links the strategies of the organization with the values of employees and consumers. 

• Statement of Behavioral Standards: Employee behavior is linked to the company’s values in this statement.

• Statement of Character: The culture of the company is outlined in this statement.

DEVELOP A VISION STATEMENT

• Determine the values of the company: Ask people how they feel about the future of the organization and its values.

• Discover future goals: Find out what vision people have of the company in the future. Attempt to create specific future goals.

• 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

• Customer loyalty

• Products

• Customer service

• Financial gains

• Employee loyalty

• Research and development

TYPICAL COMPANY WEAKNESSES

• Inefficient customer service

• Poor finances

• Low quality products or services

• High employee turnover

• Disloyal customers

• Bad relationships with vendors

IDENTIFYING OPPORTUNITIES

IDENTIFYING THREATS

TYPICAL OPPORTUNITIES

• Growing markets

• Advancement in technology

• Economic stability

• Demographic changes

• Mergers

TYPICAL THREATS

• Price wars

• Buyers markets

• New competitors

• Demographic changes

• Advancement in technology (makes your product obsolete)

BUSINESS SUCCESSION PLANNING COURSE