Strategic Planning Kit For Dummies®, 2nd Edition

Tribal Knowledge Is Passed on to the Next Generation

You don't need to predict the future but do plan for it and lay a roadway to get there. An organization that plans thoroughly has overall succession planning built in as part of its planning process, or as an outcome of the process. According to FranklinCovey's “The Greatness Challenge” campaign, by 2018, 60 percent of experienced U.S. leaders will leave the workforce. Because of this, succession planning is often one of the top strategic initiatives in organizations today. Although positional succession planning is also important, corporate succession planning comes in the forms of a plan and a planning process that transfers tribal knowledge and decision making to the next level of leaders. Bundled in that idea is the importance most all employees put on wanting to advance to the next level and gain more authority and responsibility.

So strategic planning not only sets the corporate direction but also functions as real-time succession planning throughout the organization.