SUCCESSION PLANNING WITHOUT RETENTION PLANNING IS A HOUSE OF CARDS
CEO succession planning can lead to a great internal successor. However, succession planning should not stop at the CEO. A key component of succession planning is retention planning for key executives and failure to provide comprehensive strategies for key leadership positions can leave the credit union vulnerable. Without a well-developed retention plan for C-suite and other key management positions, a credit union could face significant challenges in filling critical leadership roles. “Proactive, ongoing succession planning for key positions is essential to mitigate these risks and ensure a smooth transition of leadership.”Key Takeaways· Succession planning requires retention planning for the CEO and key executives.· Increased “executive poaching” sabotages successful suc...