Outlook Money
The person succeeding another leader in the company must have the right skills to ensure the company keeps growing and is well prepared to take on the challenges.
After identifying the talent, it is essential to consider whether the person is familiar with the business processes, so someone from within the company could be ideal but optional.
A lateral move refers to roping in a senior member from another department of the company instead of promoting someone.
It is impossible to find all qualities in a person. So, you may choose someone who has the most skills, is familiar with business operations, and is informed.
It is crucial for a leader to be an efficient communicator in order to avoid any confusion in delegating day-to-day tasks.
Compiled By Himani Verma