TRANSEARCH: How Succession Uncertainty Impacts Performance
There is always cost associated with uncertainty. That is especially true when it comes to managing a change in leadership. In a recent article, TRANSEARCH addresses how succession impacts performance.
Effective succession planning is a way to alleviate any worry or doubt that employees, shareholders and customers have about who will take over and what that change means for those involved. Thus it is a business imperative to have a clearly defined plan and backup plan to ensure one departure will not trigger another.
The following is an excerpt from the article: “In financial terms, shareholders could be left seriously exposed if public questions about a corporate leader’s transition aren’t answered clearly, resoundingly and quickly. Nothing quite hangs the shareholders out to dry faster than a slow, confusing and/or uncertain succession process following a surprise development involving the leader. In people terms, poor succession preparedness and practice leads employees wondering why they’re not better informed about the organization’s future plans. Worse yet, they may assume they are purposefully being kept in the dark for some reason, which can impact morale and performance on a wide scale.”
The full article is published on TRANSEARCH’s website. Read the full article.