Succession planning is the process of identifying and developing employees to take on key roles within an organization in the future. It involves identifying critical positions, assessing current talent, and implementing strategies to fill potential gaps through internal promotions, transfers, or development programs. Succession planning is essential for ensuring continuity in leadership and maintaining organizational resilience in the face of changes such as retirements, resignations, or unexpected departures.
Key components of succession planning include talent assessment, competency mapping, career development planning, and leadership development initiatives. By investing in succession planning, organizations can mitigate risks associated with talent shortages, retain top performers, and build a pipeline of future leaders who are prepared to drive business success.
You may also be interested in learning about these terms:
Succession Planning
Career Development
Leadership Development
