Business and Environment is a featured research topic and an initiative at Harvard Business School. Today, our faculty members focus on corporate environmental strategy, operations and reporting; sustainable cities and infrastructure; the role of government and environmental policy; clean energy generation and demand-side energy efficiency; and the effective management of natural resources essential to human prosperity.
Employee training and development, mentorship and on-the-job training programs can be used to identify a specific employee or create a pool of employees who are ready, willing and able to move into management or other critical positions within the business.
Succession plans generally fall into one of three main categories or types, each following a different path toward achieving long-term plan objectives. Advantages of Succession Planning Both employees and the business benefit from long-term succession planning regardless of which form it takes.
On the employee side, a formal succession plan tells employees the business values and is committed to its staff. Advancement opportunities often increase morale and employee engagement, causing a corresponding decrease in employee turnover rates.
On the employer side, succession planning supports continuity and sustainability objectives, ensuring the business is capable of moving forward whether key staff members leave voluntarily, due to retirement or via termination proceedings. A designated replacement is someone already qualified and trained, able to step in and immediately fill the role if, for example, the business owner passes away or is temporarily or permanently incapacitated.
Target date succession planning is used when the business knows far in advance when a key staff member will be leaving the company, usually due to retirement. This allows the business to follow a more orderly process in identifying potential replacements and following them through the training process.
As the target date draws closer, the candidate field continually narrows until a single candidate becomes a designated replacement.
Situational Replacement Situational succession plans center on uncertainty, an expected or sudden departure or a deteriorating situation.
Instead, it involves conducting a needs assessment and creating a pool of candidates with varying qualifications, each of whom have the potential to move into one or more roles.
Skill surveys, performance reviews and tracking the results of internal and external training programs are commonly used to identify potential pool candidates.
Situation succession planning saves both time and money, as hiring from within often shortens the hiring timeline and is less costly than recruiting candidates externally.Eventbrite - Marki Lemons Unlimited, Inc.
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One often-overlooked exit strategy is simply to call it quits, close the business doors, and call it a day.
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The Developing a Business Plan article will assist you with business planning. Conducting a S.W.O.T. Analysis A good practice when developing your business plan is to conduct a Strengths, Weaknesses, Opportunities, and Threats (S.W.O.T.) analysis.