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What Are Some Management Succession Planning tips for contractors?

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Management succession planning is a critical part of any construction employers life cycle. Not only does good succession planning assure the employers survival, but it gives employees and their clients the necessary confidence that if something happens to the CEO (or any executive), the employer will successfully continue onward. If Construction employers dont establish a proper internal management succession plan, they not only risk unexpected disaster if key executives depart (and take other personnel), but they also risk losing their best people to the competition (due to lack of a specific career plans in place for them).

As the global economy continues to struggle, and USA baby-boomers continue to retire in droves, construction employers should be preparing the next generation of leaders.

To create an effective management succession plan, construction employers should consider the following 10 tips:

1) Management succession planning starts at the top

2) Design the right succession planning system and put it in writing

3) Choose a sufficient number of successors and the right age bracket for each position

4) Look for the right qualities in successors

5) Select successors based on behavior as well as performance

6) Be sensitive to those not chosen

7) Find out what the successors want

8) Invest in training and development

9) Hold regular management succession planning meetings, and stick to the plan

10) Seek the professional assistance

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