Succession planning is a process for identifying and developing internal people with the potential to fill key leadership positions in the company. Succession planning increases the availability of experienced and skillful employees that are hopeful to undertake these roles as they become available. This process focuses on seeking the right person, not just the available person. It’s built on the idea of recognizing the potential leaders in organization and developing them so that they are ready to move up when the opportunity arises. It’s one of the best methods to promote recruitment and retention in organization.
Although people often mix up replacement planning and succession planning, the latter goes beyond former planning because its focus is larger than one position or department.… Read the rest