Succession planning is the process used to identify and prepare candidates for entry level through high-level management positions that become vacant due to advancement, transfers, attrition, retirement, new business opportunities and the like.
It is a systematic approach to:
- Building a leadership pipeline/talent pool to ensure leadership continuity.
- Developing potential successors in ways that best fit their strengths.
- Identifying the best candidates for categories of positions.
- Concentrating resources on the talent development process yielding a greater return on investment.