Accounting
firms have never been as reliant on succession planning as they are right now.
Just cast your mind back to the financial crisis and you’ll remember how up in
the air each and every industry was. But with effective succession planning in
place, that need not be the case in the future.
More than
risk mitigation
The whole
point of having succession planning as part and parcel of your overall business
plan is to create a sense of confidence amongst your colleagues in the
workplace. If your employees understand where they are heading in the future,
surely they will be more motivated to step up to the plate and deliver on a
daily basis? This strengthens the overall structure of your company and it is a
common factor in UK accountancy firms today.
Long or
short term?
Succession
planning can work in both long and short term timespans and both of these will
help to retain your key employees in your accounting firm. But on the whole,
long term succession planning is where we should be concentrating our efforts.
Consider the talent or lack of it at middle and senior manager levels and
you’ll start to realise just how vital this strategy actually is. It does of course
depend on the size and structure of your firm but where possible it would be better
to develop your existing employees and reinforce your company’s loyalty instead
of risking diluting the very same by employing external candidates?
When you
initially recruit new employees, why not start as you mean to go on
by developing the best candidates for the future accountancy roles? Instead of
filling that hole in the future, you can already have a handle on who will be
the best person for that job by following the codes set out by long term
succession planning.
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