While a succession plan can provide a safety net in the face of unforeseen events, no succession plan is completely foolproof, warns consulting firm Cutting Edge Information.
According to new research, companies must continually assess and develop their succession plans by putting methods in place that measure the success and improvement systems that are currently in place.
"When an organization goes to choose performance measurements, first steps are to identify desired outcomes and then select metrics that correctly assess progress toward those outcomes," said Jason Richardson, president of Cutting Edge Information. "Using these types of major performance measures can help executives and human resources teams develop executive talent and improve succession planning."
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