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Guide to Succession Planning

Published by FTAdviser | Aug 10, 2012

Talent management involves individual and organisational development in response to a changing and complex operating environment.

FTAdviser’s Guide to succession planning tackles how to assess your workforce, how to attract top quality staff and how to invest wisely in their development and therefore your business.

Answers contributed by Tim Parsons, business transition director of Succession Advisory Services, and Keith Richards, distribution and development director of Tenet.

  1. Q: How do I assess my workforce?

    Having a concise understanding of your business and your staff is key to being ultimately successful.

  2. 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.

  3. Q: How can I spot potential?

    You have to look at the people and their aspirations.

  4. Q: How can I develop potential?

    Pro-active, meaningful and properly evidenced training initiatives should not be confined to just your advisers

  5. Q: What are the pros and cons of developing potential?

    Internal routes are generally cheaper than external training courses or qualifications but it comes down to what is appropriate.

  6. Q: How should I approach hiring?

    A good recruitment programme means if someone leaves, you have a clear description of their role and the specifications required to fill it.

  7. Q: What are the pros and cons of different ways to hire?

    Succession has found that it can take up to six months before production of externally recruited advisers covers costs.

  8. Q: How do you create a culture that retains talent?

    Reward and recognition are the key drivers here - identifying talent and rewarding it accordingly.

  9. Q: Is succession planning worth it?

    Recruiting good, properly qualified and experienced people is one of the biggest challenge facing IFA businesses.

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