Succession planning is the process whereby an organization ensures that employees are recruited and developed to fill each key role within the company. In this process, you ensure that you will never have a key role open for which another employee is not prepared. This is also significant as you develop your talent bench strength within your organization.
Sure, you will have an occasional situation arise for which you are unprepared, but for the vast majority of employee movement, your succession plan is in place. You will have had a systematic process for preparing employees to fill key roles as they become vacant.
Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role in your organization. As your organization expands, loses key employees, provides promotional job opportunities and increases sales, your succession planning guarantees that you have employees on hand ready and waiting to fill the new roles.
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