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Succession planning is the process of identifying and developing new individuals who can replace existing individuals when they leave, retire, or die. Organizations use succession planning as a process to ensure that employees are recruited and developed to fill each key role within the company. Actively conducting succession planning ensures that employees are constantly developed to fill each needed role. As an organization expands, loses key employees, provides promotional opportunities, or increases sales, the organization's succession planning aims to ensure that they have properly trained employees on hand, ready and waiting to fill vacant roles. Vendors and contractors are also often utilized as a backup option should an organization lose an employee unexpectedly, though these relationships must be established and documented prior to being activated in a succession plan. Succession planning is not to be viewed as a one-and-done event, but rather an ongoing cyclical process. In some industries (such as banking), succession planning is not just a best practice, but a requirement. Unfortunately, this process is often overlooked by many organizations for various reasons.
Compass IT Compliance is well versed in succession planning, having spent the past decade assisting organizations small and large in developing, enhancing, and testing their succession plans. Our process provides clients with a level of confidence, as well as education on how to maintain their plan and test it annually. Compass IT Compliance is dedicated to helping organizations protect and plan for the transition of their resources within their business.
Let Compass IT Compliance assist your organization in assessing any risks present through our Succession Plan Review so you can mitigate staffing risks, comply with regulatory compliance requirements, and save time, money, and resources in the process. Contact Us today to discuss your unique situation. Secure. Comply. Save.