Succession planning is the process of identifying and developing potential future leaders and senior managers, as well as individuals, to fill business-critical roles. The aim is to be able to fill key roles effectively if a current post holder leaves the organization. Succession planning programmes typically include practical, tailored work experience relevant for future roles.
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Succession planning in companies covers many areas, but typically it’s discussed in terms of replacing key employees as well as how to transfer the reins of the company from one leader to the next. Succession planning can include training employees to move up the corporate ladder and assume leadership positions. From a risk management perspective, it can also address who will replace key employees in the event of a planned or unplanned departure.
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Succession planning means the process whereby an organization identifies key in-house personnel with a potential to take up a top leadership position and developing them with the hope that they will undertake such roles as they become available. The idea behind any succession plan is to make leadership transition as the business grows, changes and develops to be very smooth.
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