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Jun 11, 2024 · What Is Succession Planning? The term succession planning refers to a business strategy companies use to pass leadership roles down to another employee or group of employees.
Succession planning is the process of selecting and developing key talent to ensure the continuity of critical roles. It’s about identifying top performers and potential leaders and mentoring and developing them so they can advance in the organization and move into top-level roles. Employees get promoted, move companies, and retire every day.
Succession planning is the strategic process of identifying and developing internal candidates to fill key organizational roles to ensure business continuity and leadership in the face of role transitions, departures, or unforeseen events. It is relevant to all companies, large or small, for-profit or nonprofit.
Oct 29, 2021 · What Exactly Is Succession Planning? It’s a fancy and somewhat academic-sounding term, but here’s the gist: Succession planning is the process of identifying the key roles on your team and figuring out how you’ll fill them when they’re left vacant (whether that’s because of turnover, promotions, restructuring, or something else).
Feb 23, 2022 · Succession planning is the process whereby you identify new leaders and develop them to take over the role of the incumbent. For businesses to thrive, it needs to avoid moments of crisis and lack of leadership. At some point, succession planning will help with such a situation by preparing a candidate for a planned or emergency replacement.
In this article, we review the most salient studies of succession planning and offer context from experts on the process of picking new leaders for organizations.
Aug 29, 2018 · Succession planning is a talent management process that builds a pool of trained workers who are ready to fill key roles when leaders and other key employees step down.
Feb 2, 2024 · Succession planning is critical to organizational resilience because it ensures a seamless transition of leadership and the preservation of institutional knowledge.
Mar 21, 2022 · Crafting a succession plan may be the last thing on leaders’ minds as they manage the daily upheavals of the postpandemic era. Yet without one, the company risks going rapidly downhill during a changing of the guard, losing revenue and market share.
Succession planning is identifying and growing talent to fill business-critical positions in the future.
