Succession planning

It is identifying and developing employees to fill key leadership positions in the future. It involves identifying critical roles within an organization, assessing the skills and competencies required for those roles, and developing a plan to ensure qualified candidates are ready to fill those roles when they become vacant. Succession planning is important because it helps organizations ensure continuity and stability in leadership, reduce the risk of talent gaps, and retain top talent by providing career development opportunities. Succession planning typically involves various activities, such as identifying high-potential employees, providing training and development opportunities, creating career paths and development plans, regularly reviewing progress and making adjustments as needed.