What does "succession planning" involve?

Succession planning involves identifying and developing internal personnel for key positions within an organization. This process is crucial for ensuring that there are qualified individuals ready to step into leadership roles or other critical positions when they become vacant due to retirements, promotions, or unexpected departures. By focusing on internal talent development, organizations can maintain continuity, preserve institutional knowledge, and enhance employee engagement and retention.

This approach not only helps in mitigating the risks associated with losing key personnel but also supports career progression for current employees, fostering a culture of growth and opportunity within the organization. Effective succession planning is strategic in nature, aligning with overall business goals and ensuring that the organization remains competitive and capable of achieving its objectives.