Businesses without a solid succession plan roll the dice each time an employee in a leadership role retires or moves on. But leadership is nothing to leave to chance, and sooner or later, lady luck runs out.
Having a good succession plan that includes mentoring internal employees will give you a pipeline of leaders ready to rise to higher positions. This will reduce the time and expense of recruiting a qualified candidate and eliminate the learning curve in training someone from the outside on critical skill sets.
Make succession planning part of your employee development program for a winning future.