Master Insurance Agency Succession Planning for Ultimate Success
Key Elements of an Effective Succession Plan
A robust succession plan should encompass several key elements. Firstly, it should include a clear timeline for transitioning leadership roles. This timeline ensures that both the outgoing and incoming leaders are prepared for a smooth transition. Additionally, the plan should identify potential successors early, allowing time for their development and training. According to a study by Deloitte, companies that excel in succession planning see a 20% higher retention rate among high-potential employees1.