Succession Planning is the strategic process of identifying and developing potential future leaders within an organization to ensure a smooth transition of key roles and responsibilities when current leaders leave due to retirement, promotion, or other reasons. It involves identifying high-potential employees, assessing their readiness for leadership roles, and providing them with development opportunities.
Succession Planning is important for several reasons:
Succession Planning is typically conducted using the following steps:
Some common challenges in Succession Planning include:
Effective Succession Planning involves the following best practices: