Succession planning is a means by which the organizations ensure that employees are recruited in such a way that they fill each role in a company. Through the process of succession planning, one can recruit superior employees, develop their abilities, skill and knowledge, and get promoted to challenging roles. By pursuing succession planning, one can ensure that employees are developed in such a way that they fill each needed role.
Many organizations have the concern of losing higher executives in their organization. However, there are a number of key positions in the organization and people in these positions possess great level of knowledge. So, it becomes difficult for organizations to replace them quickly.
In this article, we will discuss how succession planning helps organizations to plan actively for corporate success if the key people in the organization leave.