Succession Planning – Importance and meaning

It is a process for developing and identifying leaders that can replace the current leaders when they leave, die or retire. Succession planning is increasing the availability of capable and experienced employees so that they can take up these roles as and when they get vacant.

Here are a few tips on how to create an effective succession plan

• Be proactive and establishing the system.
• Make it multi level yet systematic.
• Provide support at the top.
• Develop using experience.
• Keep the process transparent.
• Measure the results of the program.

This planning plays a crucial role in identifying the employees who have the skills or the potential to move up in the organisation.

Read more: Employee Lifecycle