Companies that have succession planning in place are better prepared for any sudden changes in the company. It avoids knowledge loss once the leader exits. It gives the ability to takeover new responsibilities in a much faster way and with least disruption in the business activities. Surprisingly, lot of companies do not dedicate sufficient resources to this and may suffer tremendously when CEO's depart unexpectedly.
An article highlights four best practices to ensure effective succession planning that can be implemented in any company - Analysis; Development; Selection and Transition.
Having a structure in place that carefully engages in those best practices will set the new leaders firmly towards future success.
Please follow the link to access the complete article.
http://www.forbes.com/leadership/2007/11/07/succession-ceos-governance-lead-cx_sm_1107planning.html
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