Succession planning is a process of developing talent to replace executive, leadership or other key employees when they transition to another role, leave the company, are fired, retire or die. It is relevant to all companies, from the largest to the smallest, in both the for-profit and not-for-profit sectors.

Succession planning is a strategic process that organizations undertake to identify and develop employees with the potential to fill key leadership positions within the company in the future. The primary goal of succession planning is to ensure the smooth transition of leadership and maintain continuity in the organization, especially in critical roles.

Key aspects of succession planning typically include:

1.       Talent Identification: Identifying employees with the skills, abilities, and potential to take on leadership roles within the organization.

2.       Leadership Development: Providing training, mentoring, and development opportunities to prepare potential successors for future leadership positions.

3.       Succession Pool: Creating a pool of qualified individuals who can step into leadership roles when needed, either due to retirements, promotions, or unexpected departures.

4.       Evaluation and Feedback: Continuously assessing and providing feedback to potential successors to help them grow and develop their leadership skills.

5.       Contingency Planning: Developing plans for various succession scenarios, such as planned retirements, sudden vacancies, or emergency situations.

Succession planning is crucial for ensuring the long-term sustainability and success of an organization by preventing leadership gaps and fostering a pipeline of talent that can step into key roles when required. It is not limited to top executives but can encompass leadership positions at all levels of the organization.