Succession Planning Secrets Transform Your Business Legacy Effortlessly
Financial Considerations and Cost Savings
Investing in succession planning can lead to significant cost savings by reducing turnover and minimizing the expenses associated with external recruitment. According to the Society for Human Resource Management, the cost of replacing an employee can range from 50% to 200% of their annual salary3. By developing talent internally, businesses can avoid these costs and ensure a smoother transition when leadership changes occur.