From Adviser Guide: Succession Planning
Q: What are the pros and cons of assessing your workforce?
The challenge is an obvious one and is about putting the right person in the right job.
Keith Richards, distribution and development director of Tenet, said most employees have aspirations to succeed in life generally and being considered as a potential candidate for succession is recognition and reward in itself.
The only cons with assessing your workforce, according to Mr Richards, will be when it is done poorly and will therefore lead to poor decisions or appointments, or there is an over expectation that appointments will always come from within the organisation.
By assessing or reviewing your staff, Tim Parsons, business transition director of Succession Advisory Services, said he would expect your workforce to also ask demanding questions – is this a business I can develop within? Will there be an opportunity to move out of my current role and into financial advice?
Mr Parsons said advisers may think they have designed the perfect staffing structure fit for business development and growth but they should question whether their plans took into account Mavis wanting to move into Adam’s job within six months – a role that you might not think is right for her?
It is imperative, however, that as a business owner, you have a handle and conduct regular reviews of the staffing structure and employees to ensure it is fit for purpose.
Mr Parsons said: “Every business evolves given the changing circumstances of our economy and regulatory nature.
“Therefore it makes sense to have a staffing plan that is flexible, regularly reviewed, allowing you to implement changes as required.”