What is Succession Planning?
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.