Succession Planning Basics

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What Is Succession Planning?

 

Definition of Succession Planning

Succession planning is described as having the right people in the right place at the right time.

More specifically, succession planning is the ongoing process of identifying successors to the critical roles of an organization and developing them so they’re ready to move into those leadership roles.

This process includes reviewing the organization’s strategic plan, assessing the current workforce, forecasting future trends, and developing employees in a structured plan to replace leaders as they retire or depart from the organization.

Here’s an overview of the basic steps of the succession planning process:

• Assess the organization.

• Determine key positions.

• Identify capabilities ...