Company Succession Planning

Company succession planning, also known as corporate succession planning, is the process of finding and developing successors to appoint for critical leadership positions or CXO or CEO-level positions in a company. It is a form of long-term planning for a business to preserve culture, skills and reputation built over time.

Company succession planning is a straightforward step-by-step process that lays all the procedures for a company’s change in ownership. The intriguing part of a company succession plan is that the transfer of ownership does not have to go to a family member. It can be a co-owner, a key employee, an outside party, or even another company – whatever ensures its best interest. A corporate succession plan is often also undertaken to understand the strengths and vulnerabilities for critical positions, enabling HR professionals to identify and develop talent whenever necessary.

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Succession planning is a detailed and vital undertaking to identify people who could immediately, or after targeted development, assume key positions. Considering the evolving workforce, various companies ensure that the succession plan is adhered to periodically and is adapted at all levels, be it leadership roles, mission-critical positions or niche roles.

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