Neil O’Connor, managing director of Aycliffe-based Fleet Recruitment, with some useful business advice…
Those of us whose year end was December will have spent months carefully planning for this new financial year.
We have given thought to revenue, profit targets, strategy, cash flow, marketing and this year in particular the General Data Protection Rules.
We have reviewed strengths, weaknesses, opportunities and threats and agreed all the targets and key performance indicators.
If you intend to grow or enter new markets this year you will have considered what your workforce needs to look like in order to deliver your plan and ensured that your employees have the right competencies and skill set to deliver.
But have you identified those employees who are business critical and thought about the short and longer term impact if they suddenly left the business? Even the most dedicated employee will leave following a lottery win.
We always plan numbers but we rarely plan for somebody leaving and the financial or operational impact can be significant.
We know that an inhibitor to business growth can be the inability to attract and recruit the right people, but without succession planning for those leaving or at risk of leaving a business can actually find itself going backwards.
If you haven’t already, take the time to review your current employees and identify those who if they left would leave a hole that’s difficult to fill.
Start to think about who in the team could slot into that position and what would the immediate plan be.