The right talent management process can make or break a company.

A 2006 survey conducted by the Canadian Federation of Independent Business discovered that more than one out of every three independent business owners was planning to bow out of their companies within the next five years. The remaining two thirds had plans to exit within a decade. However, what the survey didn’t find is that these companies had a distinct lack of any sort of succession planning in place for those who would be taking over the reins.

Whether you’re the smallest of the small Canadian companies doing business in Toronto or you’re a massive multinational conglomerate, you need to ensure your organization has a well-developed succession planning strategy. In essence, you need to be thinking ahead to a time when your senior or middle management staff members have gone on to bigger and better things like a new position at a different company or easing into retirement.

The best way to do this is to hire candidates for initial positions but also choose them for their suitability for these management positions that will open up in the future. However, few companies that want to institute succession planning in Toronto or in other regions of Canada may not know the first place to start. In such an instance, you need to turn to Niagara Street Consulting to provide you with a solid succession planning strategy tailored to the needs of your company.

With highly trained staff that possess more than 20 years of experience in the human resources sector, Niagara Street can provide your company exactly what it needs to ensure its succession planning strategies will be successful. We specialize in talent management and other HR solutions that meet the requirements of any and all of the businesses we partner with. Call us today at (416) 559-3301 to learn how your company can prepare for the future.