Strategic Human Resources Management: Succession Planning in the Nonprofit Business Sector

According to human resource management professionals and other business professionals, succession planning is considered to be a leadership development and risk management tool that works to the benefit of the organization and its financial health. The nonprofit business sector should take the risk factor of not having a succession plan in place seriously. Nonprofit organizations are dependent on attracting, retaining and cultivating their donor bases. If a key individual should leave the organization for any reason there could be issues with donor migration and erosion of the organization\u27s donor base. The organization can avoid this risk by designing, developing and implementing a solid succession plan that is aligned with the organization\u27s culture, mission, vision, and strategic goals