Succession Planning: The Business Case, How to go About it, and Why it Matters Today.
The overarching goal of change management is the successful implementation of new processes, products and business strategies while reducing the negative outcomes. Change management goes beyond project management and technical tasks and leverages on people. The business world is constantly needing to evolve. For instance, between December 2019 and now businesses have had to review their strategy and adapt to the world of business during the COVID-19 pandemic. Change can be very difficult, and as such usually faces a lot of resistance. It is therefore important to develop a systematic response to change.
According to a 2015 McKinsey study on Transformational change, only 26% of transformation initiatives succeed. This is a mere 6% improvement when compared to the results from the same survey in 2012. At the root of it, the key to organizational change is consistent action. Transformation has to be supported closely with active implementation, and implementation can be measured in terms of outcomes. Every organization has to determine what progress looks like.
The business case for Succession Planning
There are several organizational benefits, both tangible and intangible that establishes the business case for succession planning…