Succession planning is especially important in small firms, such as family-owned businesses, because most do not survive into succeeding generations. In this video, learn what families and small businesses are doing to solve the leadership-succession problem. Also, learn key questions to ask with regard to each potential successor, key experiences to ensure successors have, and what to do about the former boss.
- Succession planning is especially important…in small firms, such as family-owned businesses.…About 35% of Fortune 500 companies are family controlled,…and they represent the full spectrum of firms,…from small businesses to major corporations.…Small businesses, including many family firms,…employ just over half of U.S. workers.…Unfortunately, research shows that only about 30%…of small businesses survive into the second generation,…only 12% into the third generation,…and only 3% into the fourth.…
In this video, I'll show you some of the ways…that families and small businesses are trying to solve…the leadership succession problem.…It's critical to strategic workforce planning,…and in many cases, to the survival of a small business.…Leadership succession is no time for wishful thinking.…Hoping that an uninterested or incapable son or daughter…will suddenly become full of passion and business skills,…it's unrealistic.…Instead of wishing, provide clear, consistent communication…to all family members,…and allow all who are involved in the business…
Wayne reviews what SWP is and how it delivers value to companies large and small. He steps through how to build a talent inventory, forecast the internal and external supply of labor, and approach succession planning. Plus, he explains how to tackle global talent management effectively.
- What is strategic workforce planning (SWP)?
- How does SWP deliver value?
- Building a talent inventory
- Forecasting the internal and external workforce supply
- Succession planning
- Evaluating the usefulness of SWP systems
- Who owns talent development?