Podcast: Succession Planning

Rob, Scott, and Jason discuss succession planning; from workforce planning and identifying key roles to providing successors with skills, facilitating training opportunities, coordinating hands-on experience, providing continuous feedback, and more.

Succession planning is the process of identifying high-potential employees, evaluating and honing their skills and abilities, and preparing them for advancement into positions that are key to the success of business operations and objectives.

Losing a key employee can be a devastating interruption to business operations. Succession planning can help ensure the smooth transition of staff into the vacant position with minimal interruption to the business.

Succession Planning

Contact us with any questions you may have, we’re here to help: hr@employco.com

Succession Planning: Handing Down Your Business to the New Generation

Human resources expert shares effective, actionable tips for how you can start succession planning

Succession PlanningResearch shows that most business owners are not as concerned with succession planning as they should be. Only a small minority of businesses have a succession plan for when their CEOs retire or switch companies, and this can be a very costly mistake.

“Scrambling for a CEO has been shown to cost upwards of $1.8 billion in shareholder value for public companies,” says Rob Wilson, employment trends expert and President of Employco USA, a national employment solutions firm. “Another issue with lack of preparedness around successions is that companies end up hiring ineffective CEOs, which again harms a company’s bottom line and employee performance. Indeed, 27 percent of companies have been negatively impacted by poor succession planning.”

Wilson also points out that C-level employees are not the only ones who pose a serious loss to the company when they leave. “Whether it’s a key person in your I.T. department or your marketing department, losing long-term, highly-skilled and experienced staff is going to be a blow to your company.”

So, what should employers do to ensure that these successions are as smooth and seamless as possible?

“First, look at your key personnel on every level of your staff,” says Wilson. “How deep is your bench? Don’t presume that just because an employee is young and not near retirement that you don’t need to worry about their successor at some point. Be prepared for all possible scenarios, including family emergencies, health crises and leaving the state for spouse’s employment changes or other reasons.”

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The Polar Vortex Will Cost the Country Billions

Employment solutions expert explains how employers can brace for the financial fallout

Walking in the Cold SnowThe polar vortex is freezing more than just Lake Michigan…experts say that we should expect the cold weather to freeze our profits as well.

“The last time the United States experienced a polar vortex in 2014, it cost the country $5 billion,” says Rob Wilson, President of Employco USA. “In Chicago and other cities across the Midwest, we are going to experience a significant financial impact as a result of this week’s Antarctic temps.”

So how can employers help to cushion their companies against the bitter winds of the polar vortex?

“With warmer weather on the horizon, getting employees back to work is the first step,” says the human resources expert. “While safety and well-being of workers required many offices to shut down, and caused many people to change their travel plans or cancel services, we can expect things to return to normal by Friday.”

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Workplace Injuries: What to Do After Your Employee Has an Accident

H.R. expert reveals post-accident best practices

InjuryOn average, more than 99 people are injured at work each day. But the good news is that American workplaces are getting safer in recent years, with annual workplace deaths falling from 14,000 to 5,000 in the last 40 years.

However, injuries are still a common occurrence and one that employers need to be prepared for. Most importantly, employers need to have a list of best practices that they follow in the event of an employee injury, particularly in those moments right after an accident occurs.

At national employment-solutions firm Employco, clients and their employees have access to a telephonic triage system where an injured party can call and speak to a nurse right away. The nurse can help them figure out what to do next, such as whether they need to go to an emergency room or urgent care and in the meantime the company’s H.R. outsourcing team at Employco will receive news of this accident within minutes.

“There is nothing worse than a late-reported claim,” says Rob Wilson, President of Employco USA. “You want to know the who, what, when, where of the incident, but you also want to know how to most quickly provide care and treatment for the injured employee.”

Wilson says time is of the essence when it comes to collecting recorded statements.

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How to Decrease Employee Turnover

Employment solutions expert talks employee retention and ‘on-boarding’ new employees

Employee TurnoverEmployee turnover can be very costly, yet employee retention rates have been decreasing in recent years. In fact, one recent study found that one-third of employers expect to lose employees this year. So, what can companies do to better retain their top talent?

Rob Wilson, President of Employco USA and employment solutions expert says, “Employee retention is no longer as simple as giving your workers adequate compensation for their efforts. In order to keep top-performing talent on staff, employers really need to make an effort to stand out from the crowd and make their firm a place people want to work.”

Wilson says that “on-boarding” is one way to make sure that employees stick around. “On-boarding is a new term which H.R. professionals are using to describe the way in which companies can help new employees have a smooth introduction to the team. It’s an ongoing process that lasts far beyond an employee’s first day, and it’s meant to help keep workers engaged and inspired, which in turn can help increase employee retention rates.”

The employee engagement expert says that on-boarding should be done with intention and foresight. “You should chart out your employee’s first 3-6 months with the company,” says Wilson. “You want to integrate them into the firm and make them feel like they are part of a community, rather than just another cog in the machine. You can do so via social engagements, in-office mentoring, and team building exercises. On-boarding is quickly becoming part of every progressive and forward-thinking company, and it’s one way to help keep employees from feeling disengaged.”

For more on this topic, please contact Rob Wilson at rwilson@thewilsoncompanies.com.