What is Succession Planning?

Succession planning is the strategic process of identifying, developing and preparing potential successors for key leadership roles, particularly executives and board members. The main essence of succession planning is that it guarantees business continuity by ensuring that potential successors are equipped to take over the key positions upon the demise, resignation, or retirement of key personnel. The process of succession planning has often been considered as one of the bedrocks of business continuity in organisations, as it ensures a smooth handover of leadership and institutional knowledge when key personnel exit an organisation.

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