Succession Management

Succession management refers to the practice of identifying possible successors for crucial roles, honing and nurturing their talent and ensuring they seamlessly fit into organizations’ structures so that companies can future-proof themselves against the most visible and unforeseeable odds.

Succession management is essential as it covers the senior-most positions in a company’s hierarchy and considers critical roles along the various stages of the corporate ladder. Employee development is also integral to succession management. It builds a high-level of engagement among high-potentials who desire achievements and career advancement. Companies also undertake succession management to anticipate the skill set of their talent pool.

This word is part of a larger series on Succession Plan

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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