Succession planning is crucial for every business and for every key employee. It is the process of preparing for when important roles within an organization become vacant and how to best fill them. Every organization experiences turnover, retirements and sudden losses. When those events happen, institutional knowledge is lost, affecting not just your business operations but sometimes the member experience as well.
Your credit union should have a succession plan in place for every executive and leaders with key roles. For example, if you have an account manager who is in charge of a key portfolio, this is someone you want to make sure you can replace without disruption to the member (or business member).
The timeline for a good succession strategy is typically one to three years, but in reality, it’s an ongoing process that should be bolstered continually with internal knowledge-sharing and mentoring. By planning ahead, your credit union will be prepared to continue working towards its future goals.
Below are a few “do’s” and “don’ts” to keep in mind when it comes to succession planning:
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