Succession Planning Pays Offby Virginia Fairweather, Freelancer Writer; Wyckoff, NJ; formerly, Editor in Chief of
Serial Information: Civil Engineering—ASCE, 2000, Vol. 70, Issue 2, Pg. 56-59
Document Type: Feature article
Abstract: If your company hasn't yet put a plan in place to transition from its current ownership and leadership to the next generation, now is the time to start. When planning to offer key employees company stock, business consultants and engineering executives alike say that early planning is the critical. Stock can encourage your best performers to continue to innovate while keeping an eye on the bottom line, but it can take time for engineers to understand that the company is primarily involved in making money. Other challenges that such large companies as Thornton-Thomasetti, Parsons Brinckerhoff, Walter P. Moore, and others have faced include choosing the right candidates for stock purchases, helping them pay for it, and teaching them the responsibility—and limits—of becoming a stock owner.
Subject Headings: Engineering firms | Employee benefits | Employees | Leadership | Planning
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