Succession Planning

Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership roles in the future. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.

There are many benefits of succession planning, including:

Improving organizational performance by ensuring that key positions are filled with competent individuals

Facilitating continuity in the event of an unexpected departure or retirement

Reducing the risks associated with relying on a small pool of leaders

Developing a pipeline of internal talent that can be promoted into leadership roles

Encouraging employees to stay with the company by providing opportunities for career advancement