What is Succession Planning ?
‘Succession Planning’ are the processes designed to promote the internal talent for filling the senior management level positions in a company. It needs to be undertaken with utmost focus as these employees and their decisions are crucial for the overall success of the organization.
It is important to note that succession planning is different from replacement planning as it is a separate process used to identify managerial material. Hence, these initiatives have a lower priority compared to the succession planning initiatives.
Ideally, succession planning begins from the recruitment stage where candidates showcasing leadership qualities are earmarked for future promotions and they are also watched closely to understand their decision making capabilities in the long run.
