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Preventing talent gaps to strengthen succession planning

| Jan 13, 2021 | Business Succession |

Outfitting an organization with a strategic succession plan can provide sustainable protection for company success. Business leaders in Ohio looking to strengthen their succession plan should focus some of their effort on tightening talent gaps.

A talent gap occurs when turnover, economic crisis or other influences curtail the growth and development of an organization’s workers. Not only is a talent gap inconvenient, but it can slow productivity and negatively impact a company’s ability to stay competitive and plan for its future.

Retaining top talent

Retaining the industry’s most competitive and competent workers can present ongoing challenges for many companies. According to Organimi, talent or skills gaps, in particular, result when recruitment efforts and retaining strategies do not share a connection. Efforts to both hire and maintain a workforce must share similar objectives and follow a continuous strategy.

Another effective way for companies to reduce the risks of experiencing a skills gap is through encouraging their employees to develop their careers within the company. Organizations can facilitate this type of lateral growth by providing ample opportunities for career development. Leaders can emphasize potential and present ideas for growth during periodic performance reviews to give employees incentive and direction. By retaining top talent, business leaders can strengthen their succession plan.

Other aspects of succession planning

When a company sees the connection between every element of succession planning, they can create a strategy that works with their company’s objectives. According to Fidelity, other aspects of succession planning that a company should implement include delegating key responsibilities, determining a timeline for the transferal of ownership, training employees on organizational objectives and considering tax implications.

A company’s succession plan will evolve as its business grows. Organizational leaders should regularly update succession strategies to preserve the integrity of their plan.

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