Change is the only constant in today’s fast-paced business environment. To stay competitive and viable, a firm must adapt to changing marketplace demands. To ensure a company’s longevity, even in trying times, it is essential that businesses incorporate succession planning into their corporate cultures. Through training, mentoring and job rotation programs, organizations can better identify and ensure highly qualified individuals are poised to advance in all positions throughout a firm.

At a minimum, a successful succession plan requires leadership criteria be clearly identified and a simple, straight forward measurable approach for growth and advancement is established. A company must also communicate to employees its strategic goals, mission and vision, and make certain that all members of the workforce understand how their role in helping the company achieve its goals. Finally, a company’s current leadership team must visibly communicate, across all levels of the organization, its support for the programs intended to hone future leaders. If well executed, a succession plan can identify, position and retain a team of talented professionals that possess the necessary skills, attributes and experiences to carry a company into the future.

Formal mentorship programs, regular performance reviews that pair goal setting with meaningful feedback, and participation in various professional organizations all enable employees to experience continued growth in their industry, learn new skill sets and establish themselves as leaders. At Kahn, we recognize that a workforce of well-rounded individuals results in increased productivity and improved client satisfaction. We encourage employees at all levels of the organization to seek out opportunities to enhance their professional skills. What are you doing to retain the best and brightest employees?