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Succession Plans for Teams: Retain Your Staff with More Opportunities

You’re not the only one thinking about your exit plan. Your team is too. So wouldn’t providing them with the resources for the inevitable make sense? I know how hard it can be to let go when you find “the good” ones, but we’ve got to be realistic. We have about 2-4 years (and that’s being generous), to hold on to our team. How can we retain them? Before I answer outright, let’s piece it together.

How Long Do We Have?

You can breathe a quick sigh of relief because according to the Bureau of Labor Statistics, employees tend to stay with their employers for at least 4.1 years. Now, when you break it apart by the generations, you’ll see the drops.

The older populations tend to stay longer than their younger counterparts, but time is ticking. It would be nice to have people stay on for years and years, but that’s just not realistic. We’re talking succession plans here and the last I checked, people don’t live forever. There needs to be a plan in place.

You have a few good years, so what’s the next move? It starts with your exit. Well, their exit.

Map It Out

We can’t argue with statistics, but we can plan ahead. You need to start with what you want to build out the best plan for your team.

How are you planning to leave your career? How long do you plan to stay realistically? Are there ways for you to continue moving up the ladder? Are there any other skills you want to add to enhance your leadership and/or personal goals? Once you map this out, it’s time to do the same for your team (even if they don’t exist yet!). Do you have a backup plan in case your plan takes a turn?

You can work on this alone, or you can book an appointment with us to work on Succession Planning. Once you’ve mapped out an idea, it’s time to start bringing it to life.

Build The Systems

You’ve mapped out your ideal journey, now it’s time to create the processes to bring it to life. While your team’s succession journey may not look like yours, you want to set the environment to have that option. This looks like:

  • Creating policies that attract the kind of individuals to work (and stay) with the company
  • Offering benefits like childcare credits and healthcare coverage, to show you care about your team as individuals
  • Take the time to streamline your Operations and keep them updated, so your team doesn’t have to be tied down by a lack of preparation and thrive in their role.
  • Building out a knowledge base with your company’s information and any outside training for everyone to access at their own time
  • Keeping track of who would make great successors for those in leadership by using software like SuccessionNow.

Succession planning isn’t just about preparing for leadership transitions – it’s about ensuring the ongoing success and sustainability of your business. Investing in your team’s development and creating a supportive work environment will create loyalty, engagement, and growth within your organization. 

If you’re ready to take succession planning seriously, contact us today to learn more about implementing operational policies and processes that will ensure your team’s succession plan comes alive and stays that way.

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