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Succession planning: Making the business case for succession planning

Authors: Laci Loew, Robert S. Teachout and Bar Huberman

Overview

Succession planning has long been a part of HR and business leaders' strategic agenda. But, all too often, HR teams neglect to take action until it is too late - after vacancies in key positions arise. Add the complex and significant social and economic challenges facing workplaces today, creating talent attraction and retention problems for many employers, far too many organisations are now struggling to fill key vacancies. Failing to prioritise succession planning has been a key factor in revenue loss, the loss of key talent and slowing productivity and innovation.

This guide helps employers to understand the essential function of succession planning in an organisation's business, people and HR strategies and how it benefits the organisation and employees. It also provides information for making a business case that showcases data on the costs of ignoring succession planning. It is the first in our series of four Leading practice guides: