Succession plan

Author: Li Fei
Publisher:
Publish Date: 2004-01-01
Features: If the CEO of a successful company still hasn't chosen and nurtured their successor, the company's strategic thinking weaknesses are exposed. Leaders shouldn't wait for a position to become vacant before considering who to promote, as this will only lead to the company's bankruptcy. Wise leaders should develop a succession plan proactively to ensure a pool of high-quality individuals can be promptly filled in key positions. If a company can ensure that a group of well-trained, experienced, and self-motivated outstanding talents take over future important roles, this better sets higher goals for the company's key employees, retaining them to ensure that all important positions are adequately replaced.