Do you have someone to replace key employees or partners if they suddenly left? Many companies have good plans of developing people for key roles, but aren’t ready if a key employee left tomorrow. That creates a big problem. When we have discussions with our partners, we’re often asked that magical question: What is your succession plan? And how can you be confident?
Finding the right person to fill key roles is one of the greatest challenges of leaders. First, it’s important to note: a replacement plan is not the same as a succession plan. It takes time to create individual plans, develop people, and give them the experience and mentoring they need to be successful.
Succession planning has always been an important part of the agency business but not all agencies are prepared or have a succession plan in place or documented. NEMRA’s Strategic Advisory Council also noted this, so NEMRA engaged with industry-leading experts who work daily with several representative firms within NEMRA as well as other associations, as it relates to business planning.