Succession planning is the strategic process of identifying, developing, and retaining key talent to ensure business continuity when critical roles become vacant. Whether due to promotions, resignations, or retirements, organizations must prepare for leadership transitions to avoid disruptions.
A well-structured succession plan:
✔ Identifies high-potential employees for leadership roles
✔ Develops skills through targeted training and mentorship
✔ Ensures smooth transitions when key employees depart
Without a plan, companies risk operational instability, knowledge loss, and costly external hiring.
