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.