Succession Planning

Succession planning a strategic management process of the transfer and the establishment of the formations able to be filled by internal leaders in the nearest future. Succession planning programs work with an analysis of current and prospective talent base, pinpointing top employees and providing them with succession development programs which foster and prepare them for the leadership role and other key positions.

Example of Succession Planning

Company XYZ is oriented on succession planning in order to get an abundance of skilled managers and talents that could provide a basis for the further expansion plans and sustainability. The personnel department in HR works with the top level management to define strategic jobs which are vital to the organizational success and evaluates leadership competencies and skills to see if the positions require those skills.

Company XYZ evaluates the suitability of its employees for leadership positions by using talent assessments, performance evaluation, and leadership development programs. The employees who are identified with the capacity and readiness for future leadership are those chosen for the leadership roles of the organization through talent assessments, performance evaluation and leadership development programs. Employees in this category are given necessary mentorship, coaching and opportunities to grow and develop themselves in a way which prepares them for increased responsibility level and progress to appropriate career advancement in the set organization.

Through providing the line of succession, the Company XYZ decreases the risk of leadership voids, reinforces their lead personnel pool, and ensures the unity of leadership and company operations in due course, which makes the company more prepared for the long term success and stability in spite of what market dynamics may bring about and what challenges the organization would face.