Leadership Succession Planning

Leadership succession planning is the process of building a leadership pipeline within a company by shortlisting or developing potential successors to fill critical leadership positions. A proactive, forward-looking succession planning process builds successor skills well in advance to ensure that leaders don’t rush into making wrong decisions amid a management transition.

Leadership succession planning is a designated strategy to maintain smooth operations when key leaders resign, retire or move on abruptly. It involves analyzing and evaluating specific skills or competencies in the shortlisted talent within an organization for them to assume leadership roles when needed. Since great leaders are considered a scarce commodity, leadership succession planning becomes integral for any business.

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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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