What are the Risks of Not Having a Succession Plan?
The absence of a succession plan can lead to several risks, including:
Loss of Knowledge: Critical knowledge and expertise may be lost when experienced leaders leave the organization. Operational Disruption: The departure of key leaders can cause significant disruptions in daily operations and strategic initiatives. Decreased Employee Morale: Employees may feel uncertain about their future and the direction of the company, leading to decreased morale and productivity. Increased Turnover: Without a clear path for advancement, talented employees may seek opportunities elsewhere.