Succession planning is a strategy for identifying and developing future leaders at your company — not just at the top but for major roles at all levels. It helps your business prepare for all contingencies by preparing high-potential workers for advancement.
Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions.
Succession planning is a focused process for keeping talent in the pipeline. It is generally a 12- to 36-month process of preparation, not pre-selection.
Here are seven tips for kick-starting the succession planning process:
The members of your workforce aren’t fixed assets — and changes in your team’s line-up are inevitable. You may not always be able to predict a valued employee’s departure from the firm. But through effective succession planning, you can pave the way for the continuity so critical to your business’s future.
Ms. Pushpa Thakur