There’s an old saying “If you fail to plan, you plan to fail”. The purpose of succession planning is to make sure a company always has the right leaders in place should a change happen quickly. In other words, Succession Planning is defined as the systematic process of recognizing and creating future leaders who are able to take the position of the old ones when they leave the organization due to retirement, resignation, termination, transfer, promotion or death. It is a modern technique followed by many companies, that concentrates on identifying the prospects, out of many employees in the organisation, who might be possible successors, for the key positions.
Now, the question is why do companies need this concept of succession planning and how is it different from the usual hiring and recruitment? Let’s find out by understanding the whole process of succession planning.
PROCESS OF SUCCESSION PLANNING
Succession Planning is a part and parcel of the Human Resource Planning, which acknowledges that the employees may or may not work with the organization in the future. And so, to be on the safer side, a succession plan is developed to analyse the vacancies which might take place when an employee leaves the organization, the business areas which might be affected, job requirements and the skills of the existing incumbent.
Hence, there is a need for strategic planning, to determine where and how viable employees can fill the vacant positions.
Blog By: Ansh Sharma
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