What is succession planning?
Author: Warren N. Rothman, Blue Prairie Group, LLC
Succession planning is the process through which an employer first identifies then develops internal staff with the potential to fill key leadership and other critical roles should they become open in the future. It is a way for an employer to better ensure leadership continuity and is an important form of proactive, contingency planning.
Succession planning enables an employer to build a broad internal talent pool that helps feed the overall pipeline of available staff and is applicable to large, multi-billion dollar companies, smaller for-profit organizations, non-profits and family-owned businesses.