Succession Planning: Preparing a business case. -By Leann Schneider
Unlike investing in product development or client delivery, it can be difficult to see the tangible effect of investing in succession planning. This is a problem that plagues many strategic HR initiatives.
Without a business case, it’s unlikely that you’ll be able to get a succession planning initiative off the ground.
Here are some points outlined by Leann Schneider that might help you prepare a business case to take-off with the succession planning initiative in your organization where management is reluctant to it. The highlighted points that support her business case:
1. High costs of an external hire.
2. Minimizing negative impact of a person in a critical role leaving.
3. Seamless transition and onboarding.
4. Maximize retention.
5. Supports growth plans.