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This question is about employer.
What is contingency planning?
Contingency planning refers to the process of developing a specific course of action in the event that something unexpected happens that impacts the operations of a business or organization. Contingency planning focuses on the preparation needed to mitigate potential disruptions or unexpected events that can have negative effects.
Most employers that participate in contingency planning identify potential risks that their businesses face, and then develop strategies based on mitigating negative effects from those risks if they were to occur. The main goal of contingency planning is to ensure that a business continues to run and function effectively, even when unexpected difficulties arise.
Here are some common examples of areas employers might use contingency planning:
Business continuity planning
This area of contingency planning involves identifying important business functions and developing plans that can be implemented in the event of an emergency, or some other form of disruption.
Recovery from disaster planning
This type of contingency planning involves making plans that help a business recover from a natural or man-made event that is out of its control, such as a hurricane, flood, or cyberattack.
Succession planning
Succession planning involves outlining who will take on certain roles in the event the person in that role is unable to perform their job for some reason. This mostly applies to mid-level and executive positions.
Financial planning
Financial planning is a type of contingency planning that involves outlining the methods that will be used to manage and mitigate financial risks, such as unexpected costs or volatility in a specific market.
Communication planning
Communication planning is a type of contingency planning that involves making plans to ensure communication methods and channels are functioning properly, and that backup plans are made, in the event of an emergency or disruption.
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