---
title: Succession Planning Explained
description: Losing a key employee can be a devastating interruption to your business. LG Planning Group can help with your succession planning for a smooth transition.
image: https://www.lgplanninggroup.com/hubfs/AdobeStock_472058190.jpeg
---

 2

# Succession Planning Explained

 Mar 22, 2023 10:26:15 AM

By [Matthew Glazer](https://www.lgplanninggroup.com/blog/author/matthew-glazer)

To assure continuity of a business’s operations, many companies use succession planning. This is the process by which talent from within the company is identified and developed to potentially fill key leadership positions. Succession planning increases the availability of experienced and capable employee able to assume key positions when they become available and limit any interruption to operations.

 

**Need for Succession Planning**

Recruiting and training for key positions can be difficult, time consuming and expensive, particularly when filling a vital position that was unexpectedly vacated. Being proactive, identifying and developing talent from within the company to fill key positions through succession planning can make the process more efficient.

 

**Succession Planning Process **

While a company’s succession plan must be customized to fit its need, the following steps are typically part of the process:

- Determine the roles and skills critical to the company’s growth.
- Identify employees who could fill other roles in the event of a vacancy.
- Identify and understand what training is needed for a smooth transition Start to train backup employees on various roles to prepare them for a possible role shift.
- Ensure that all employees recognize and understand their career paths and the roles that they are being trained to fill.
- Identify employees in all areas of the business and work to ensure they are highly engaged and satisfied with their roles and the organization itself.
- Understand the time needed to cultivate the talent needed to fill key roles.
- Review, evaluate and adjust the succession plan as employees transition in and out of key roles.

Losing a key employee can be a devastating interruption to business operations. Succession planning can help ensure the smooth transition of staff into the vacant position with minimal interruption to the business.

 

**LG Planning Group Is Here to Help**

For more information on recruitment and retention, please contact [info@lgplanninggroup.com](mailto:info@lgplanninggroup.com) or call **631-589-6960 **today.

* *

*Disclaimer: This article is provided by LG Planning Group for informational purposes only **and is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice.  **© **2016-17, 2019 ** Zywave, Inc. All rights reserved.*

[Succession Planning](https://www.lgplanninggroup.com/blog/tag/succession-planning)

![Matthew Glazer](https://www.lgplanninggroup.com/hs-fs/hubfs/Matthew%20Glazer%5B1%5D.jpeg?width=150&height=150&name=Matthew%20Glazer%5B1%5D.jpeg)

[Matthew Glazer](https://www.lgplanninggroup.com/blog/author/matthew-glazer)  / About Author

Matthew Glazer, Co-Founder and Co-Managing Partner at LG Planning Group, is a 20+ year veteran of the financial services and insurance industries. Matthew’s experience has positioned him to be the primary business development director with a specialized focus on finding and creating new ways to more completely service and protect LG Planning’s clients businesses and personal futures. Matthew excels at not only understanding and fulfilling the needs of his clients but also at putting together the pieces to help build comprehensive growth, management and maintenance packages. With a well-rounded top to bottom approach, Matthew is able to help his clients navigate both their business and personal journeys.

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