Succession Planning


Succession planning is a strategy for passing on leadership roles—often the ownership of a company—to an employee or group of employees.It ensures that businesses continue to run smoothly after a company's most important people move on to new opportunities, retire, or pass away.

Succession planning and management is an essential component of the broader human resources planning process. It involves an integrated, systematic approach for identifying, developing, and retaining capable and skilled employees in line with current and projected business objectives

Steps in Creating Succession Management Plan or Model
  • #1: Create an organizational strategy. ...
  • #2: Define the Key Positions. ...
  • #3: Clarify Performance Metrics. ...
  • #4: Evaluating Bench Strength. ...
  • #5: Build the Succession Management Pool. ...
  • #6: Professional Development. ...
  • #7: Promotion.
 






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