If one of your top leaders left your organization tomorrow, what would happen?
Perhaps you’d begin the arduous task of hiring an outside replacement. But, this process is long and you’re never absolutely sure that a candidate would be the right fit.
There is a better alternative: Hire your next leader from within your company. There are numerous benefits to promoting a current employee:
- They already have a working knowledge of company culture and processes.
- Hiring from within saves costs on training and time on onboarding.
- Outside hires typically require higher salaries.
Succession planning prepares future leaders and saves your company time and money when a transition arises. Unfortunately, there are three mistakes that companies usually make in this area, and they’re easy to avoid.Read More