Succession, also called replacement planning, refers to a process of recruiting and cultivating employees to hold key role position in a company in order to ensure smooth operational process of the company.
Succession, also called replacement planning, refers to a process of recruiting and cultivating employees to hold key role position in a company in order to ensure the smooth operational process of the company. The point of succession planning is to always be one step ahead of the company's needs and ensuring no key role remains open because there is no other employee who can perform it.
Most often it is tied to passing on leadership/ownership roles of a company to other employees. It ensures that companies continue to run successfully after company's most important people move on to new opportunities, retire or pass away.
Advantages of succession
• Enhances employees' efficiency when they know that a next role awaits.
• Increases employees' self-esteem and self-respect.
• Enables identifying skills, experience, and development opportunities necessary to help the employee become prepared for progression when the next job opportunity turns up.
• People who are well informed about the company, its goal and processes act as successors.
• Enables companies to make necessary changes without being hampered by a lack of replacements.
• Knowledge about key, skilled, contributing employees is shared with managers company-wide.
Explore More Terms & Definitions
- Summary dismissal
- Labor Market
- Work-life Balance
- Compensatory Time-Off plan
- Hawthorne Effect
- Human Resource Outsourcing (HRO)
- Tangible rewards
- BYOD (bring your own device)
- Distributive bargaining
- Agile Organization
- Time to Fill
- Applicant Tracking System (ATS)
- Skill Set
- Base Wage Rate
A Relationship First Approach to Hiring on LinkedIn
6 Things to Think About Before Hiring Remote Employees
Which Marketing Channel is Best for Recruitment in 2020?
Culture & People
The Importance of Building a Great Company Culture