Succession Planning Best Practices in 2021

As companies enter their re-opening phase, it’s important to re-visit succession plans that were paused. Many companies fail to handle succession planning correctly, which can lead to high costs. According to analysis done by Harvard Business Review, the amount of market value eliminated by badly managed CEO and C-suite transitions is around $1 trillion a year. Now is the time to future-proof your organization. Consider these succession planning best practices to help you avoid pitfalls. Communicate and Develop the Plan Regularly Previously for many organizations, succession planning was a once-a-year exercise. But with the rapid changes in these times, discussions should happen quarterly. Having more frequent development of the plan ensures that your current candidates are heading in the[…]