Succession planning is a deliberate and systematic effort by an organization to ensure leadership continuity in key/critical positions. It helps to retain and develop intellectual and knowledge capital for the future, and encourages individual advancement. Succession Planning is a proactive management practice that identifies, develops and retains a pipeline of leaders for critical positions in order to drive operational success. Some organizations do little or no Succession Planning. When a CEO or other key talent needs to be replaced, those Boards of Directors find themselves unprepared and in a state of emergency. Organizations without Succession Planning fail to realize that ultimately it will cost more, in terms of money and reputation, to replace key talent than if they would have taken a proactive approach to the process. Succession Planning needs to be one of the Board’s top priorities as they successfully position their organization in an ever-changing business environment.
- The Succession Planning Process in detail
- Key Elements of a “best practice” Succession Plan
- Difficulties and Pitfalls many organizations encounter
- The process in action
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