Succession planning

Definition

Succession planning is a strategic process in businesses for identifying and developing new leaders who can replace old leaders when they leave, retire or pass away. It ensures that businesses continue to operate efficiently without interruption by having a plan for leadership transitions.

Related terms

Leadership Development: The process of enhancing an individual's ability to lead teams or organizations effectively.

Organizational Culture:

The shared values, beliefs, and practices that influence how work gets done within an organization.

Talent Management:

A systematic approach to attracting, developing, managing, and retaining talented employees in an organization