The high cost of executive recruiting, the cost of opportunity and loss due to high potential turnover, and the cost of a failed executive placement (estimated to be between 2 and 5 times the executive’s annual salary) all point to the importance of effective succession planning for retention and cost savings.
Succession planning can also serve as a proactive internal recruiting tool in your organization, by predicting new leadership position needs, future leadership vacancy risks, and by proactively identifying and developing successors with high potential for leadership advancement.
Depending on your business needs, Building Tomorrow’s Talent can: