Global HR Glossary

How do you ensure that your business runs smoothly after employees retire or leave the company? This is where a succession plan matters. Learn more about what succession planning is, the aspects of it, and overall importance.

What is Succession Planning? 

Succession planning is a strategic process undertaken by organizations to ensure leadership continuity by identifying and developing potential leaders to fill key positions within the company. This proactive approach minimizes disruption from unexpected leadership changes and ensures organizational stability.

Key Aspects of Succession Planning

• Talent Identification: Recognizing and assessing potential leaders within the organization.
• Development Programs: Providing targeted training and development opportunities to prepare candidates for future roles.
• Strategic Alignment: Ensuring that succession plans align with long-term organizational goals and culture.

Importance of Succession Planning

• Risk Management: Mitigates risks associated with leadership vacancies.
• Employee Retention: Increases engagement and retention by offering career advancement opportunities.
• Organizational Resilience: Enhances the ability to adapt to changes and challenges in leadership.