Succession Planning for Key Positions

Continuity in a business’ management team is important, in terms of maintaining a “living” corporate history, enabling an organization to successfully function and meet customer commitments, and providing overall stability. It is important for a business to ensure that it has sufficient expertise in all key positions, thereby enabling it to continue to operate, despite the temporary or permanent loss of key members of the organization. Businesses can do this by developing a succession plan for important positions within the company, especially those at a senior management level.