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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.
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.
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.Read More
Future-proof your business with digital succession planning approach
Succession planning is a comprehensive activity for all-round business continuity, from planning, understanding the types, the right process and tools.
Organizational Planning is important for the survival and growth of an organization. It dives into Leadership Development, Succession Planning, and HiPo Identification.
Learn how you can ensure an ideal succession with a healthy talent pipeline using the right succession planning strategies and succession planning steps.
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