New Business Book Summary Available for Passing the Torch

July 1, 2016 - PRLog -- Promotions, departures, retirements, and new hires all have the potential to disrupt an organization's trajectory. However, in Passing the Torch, Wanda Piña-Ramírez and Norma Dávila outline steps an organization can use to ensure that business continuity is maintained during these times of transition. The book serves as a guide to help companies grow and succeed regardless of who may be moving on from or into any particular role.

According to the authors:

·         Succession planning is a key business strategy that is critical to a company's longevity. It is a proactive approach to preparing a strong pool of candidates across multiple departments to seamlessly fill expected or unexpected vacancies in an organization.

·         Organizational assessments help show the company where it stands in terms of viable successors. In a two-part process, the assessment evaluates the company's own resources, as well as the effects of politics, economics, society, and technology on the company.

·         Information gathered during the organizational assessment is used to gather buy-in from stakeholders and help create the business case, which directs all succession planning activities.

·         Effective succession planning identifies the key positions in the organization-those positions that, if left vacant for any significant period of time, would negatively affect the company.

·   Key individuals are those employees who, while not necessarily in key positions, do have the influence, knowledge, skills, and reputations to impact the business. They are usually the first to be identified as potential candidates in succession planning.

·         Effective succession planning involves regularly scheduled talent reviews to assess the talents, responsibilities, and knowledge levels of key individuals, high-performing employees, or others who might be considered successors.

·         Succession development, the final stage of succession planning, is a shared undertaking among people who create individual development plans for each successor so he or she has the knowledge, skills, and competencies required for the next position.

·   Successful succession planning is an ongoing process that requires an organization to consistently check in and ensure it can handle transitions without disrupting the business or its goals.

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