Succession planning, a process where companies start identifying in-house employees as the right candidates for the future-vacancies and begin training them, has become an imperative part of every organization today. Akin to a business plan, a succession plan provides both owner and employees a comprehensive guide to run the business effectively.

There is no need to plan when everything is going well in the organization, right? Wrong.

It’s easier to be busy in the day-to-day tasks while thinking the best employees would never leave the job. But what if ‘Nothing lasts forever’ gets right like it always does? Having no succession plans can land your company in a trouble. While this can lead to the loss of experience and knowledge from specialized employees, it can also cause a negative cultural, and emotional impact on the company because of internal issues and lack of leadership.

Per the Canada Business Network, the ideal succession planning should begin 5 years before the CEO decides to retire. Being proactive makes sure that the employee has experience and knowledge to step in and take up the responsibilities to build the practice management, client services, business leadership, marketing, and leadership skills, to name a few.

This infographic talks about how the absence of succession planning can pose some serious risks to enterprises and how building a solid one can significantly reduce the same risk. While more than 60% employees tag succession planning as an important parameter that keeps them engaged, and more than 90% think it can motivate employees, let the numbers talk!