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.