When it comes to business growth, having the ability to create new assignments and expand on current roles within your company is vital to its overall success. When this happens, a business is forced to either recruit new talent or promote from within. This can be a tough choice, particularly when you have highly skilled and dedicated employees competing for rank in your organization versus the undiscovered talent that is out there in need of a chance on the job market.
Succession planning is the practice of educating, mentoring, and promoting current employees so that they can increase productivity and growth for a business. In many cases, this method can be far more efficient than hiring new staff. (more…)