Management Notes

Reference Notes for Management

Succession Planning – Major Concepts Explained in Detail | Human Resource Management (HRM)

Succession Planning

A succession plan involves identifying and developing potential successors to key leadership positions within an organization. The purpose of this approach is to prevent a rocky transition of power and to maintain organizational continuity after a current leader retires, resigns, or moves on.

In succession planning, high-potential employees are identified and groomed to assume critical roles within an organization with the necessary skills, knowledge, and experience. A well-designed succession plan can mitigate leadership gaps and ensure a seamless transfer of responsibilities by mitigating risks associated with them.

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