Succession Planning

Succession planning is a strategically tried-out process of identifying the next generation of leaders who can ensure business continuity when key leaders move on to new opportunities, retire or pass away. Succession planning is the means of preserving a company’s future and its associated stakeholders.

Succession planning is a detailed and carefully executed plan that enables businesses to tide over unpredictable changes. Retirement, untimely death, involuntary absence, departmental transitions and many such unforeseeable situations tend to occur. A correctly mooted and executed succession plan would ensure continued operations by highlighting responsibilities and building trust. However, there is no ‘one-size-fits-all’ approach to implementing a succession plan.

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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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