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Strategic Human Resources Planning

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Succession management plans are valid in all types of businesses (corporate, family business, small business) and is critical to the effective functioning and internal alignment of an organization for retaining employees, ensuring that critical tasks are completed, and helping the organization fill vacant positions more quickly and efficiently.

There are several major benefits of implementing a succession management process. First, succession management allows for an organization to respond quickly and stay on target amidst change or turmoil such as a drastic and sudden change in the economy or business cycle. For example, if a significant change in the Canadian dollar appears quickly, with an effective succession management plan in place, the company is able to take appropriate action quickly to ensure the stability of the company regardless of any external factors that could potentially take a significant toll on the organization. Secondly, by having a plan in place it creates smooth, internal transition of staff, allowing the organization to save both time and money. By putting in a succession management plan, a company will be able to support new organizational structures and flexibility by providing back up for various positions and removing stress from one particular employee, such as having a program that involves employee rotation. Fourthly, succession plans help to develop employees for new opportunities and in turn giving them the required skills to increase their own performance and employee morale. Lastly, by taking into account employee’s performance and promoting them to new possible positions, it allows them to recognize their potential career paths and personal goals within the organization while also maintaining a positive and motivating working environment. Overall, implementing a succession management process in any organization offers

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