Succession planning is the process of finding and developing employees to fill key positions in the future. Different companies have different reasons not to invest in this process. Talentmgt.com, however, pointed to three reasons that should definitely not be the reasons for omitting the succession planning process. The reasons are called three "myths of succession planning".
1. We don't have old employees
Succession planning is certainly not intended only for companies whose employees are approaching retirement. You should always be prepared to possible changes at key positions.
2. We have loyal employees
The labour market situation is still difficult, which may give the impression that employees will not want to leave their current epmloyers. Thinking that employees will be loyal to a company just because the company is loyal to them is, however, naive even in the times of a crisis.
3. We will wait for the next generation
Family companies often believe that succession planning is unnecessary since the current management team will be replaced by the next generation of family members. Unexpected events that may affect the takeover of a company's management should, however, be expected even within a family.
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