2020. Challenging. Unprecedented. Disruptive. A year that also has allowed us to hit the pause button both personally and professionally. To reevaluate. To plan. How will we move forward? What will the future look like? Who will take us there?
These questions are important when formulating a business plan to lead your company, your division or your department into 2021 and beyond. As a result of the pandemic, many executives are retiring earlier than planned; management may have been furloughed or moved on and some may need to be replaced. Whatever the scenario, succession planning is success planning. Now is the time to talk with your Executive Leadership Team regarding plans to move your company forward into the new normal, whatever that is.
Succession planning is an important but often overlooked part of the talent management process. It allows for identification of key roles, current top-notch talent as well as any positions that may need to be filled to create a more effective team. Proper planning allows a company to move forward seamlessly as their workforce retires or other unforeseen forces, such as a pandemic, present the opportunity and/or need to replace or add talent.
Identifying and retaining leadership talent is a strategic and economic necessity. The uncertainty of 2020 highlights the importance of taking measures to close any existing gaps or create opportunities to upgrade personnel to be ready to face the future armed for success. Success planning now could mean a significant return on investment and positive overall business results in the future.
Cornerstone Executive Search is a Kansas City based talent acquisition firm that helps great companies recruit great people. Click HERE to schedule a no obligation consultation about succession planning in the new year.