What is succession planning?
Succession planning is an organized effort by HR to ensure that the organization’s leadership is being developed for future roles and encourage individual advancement. The organization must always prepare employees so that no key position is left open for too long.
How does succession planning benefit the organization?
An important aspect that contributes to the long-term success of organizations is having competent successors ready to step in and take over when a key employee leaves. The longer the key position is vacant, the more time important business decisions can take to be implemented. Succession plans are not just for top-level executives; the best succession planning programs prepare leaders and managers at multiple levels.
How does succession planning promote employee growth?
A succession planning program identifies clear career opportunities and next steps for employees. Over time, they take on more responsibility, build new skills, gain recognition within their teams and the company, and increase their value to the team. Succession plans may offer specific, valuable growth opportunities for employees interested in the management track that they could not find at another company.