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Recruiting outsiders is not necessary to grow the company. In fact, filling new or newly vacant positions with people who have been internally trained can leave the company better off. In IT, it's especially prudent to promote from within as the employee will already have a working knowledge of the systems and culture. To make this work, however, a clear succession plan needs to be developed.

How Succession Management Saves Money

Succession management brings stability, which allows the company to focus on growing the business instead of scrambling to cover duties if the worst comes to pass. Consider these benefits:

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