At some point, every entrepreneur and every company encounters the issue of generational change. It is essential to deal with succession in a timely manner to ensure that the right people are available for important positions. A failure to fill key positions (properly) can result in considerable economic disadvantages for the company. It is possible to prevent this.

It is recommended to implement a structured process to identify and prepare the relevant persons for the intended roles. This will ensure that the outgoing generation can look forward to the change with optimism and that the next generation can tackle its tasks with confidence and comprehensive preparation.

Develop requirement profiles

First of all, it is important to identify the positions to be filled and to accurately describe the function. Detailed requirement profiles help to identify suitable candidates and make smart personnel decisions. The selected persons are subsequently put in a position to successfully solve their future tasks through a targeted qualification program. A regular audit is useful to identify, address, and close knowledge gaps in time. This helps to prevent disappointment, uncertainty, and failure and ensures a high level of satisfaction among all stakeholders.

Such a process can take three to twelve months. After its completion, qualified successors are ready to fill key positions and secure the future success of the company.

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Robert A. Sedlák

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Robert A. Sedlák

Viktoria Künzel

Viktoria Künzel