Succession Planning is an ever-evolving process of evaluation, transparency and development focused on transitions of leadership. Succession planning has been narrowly defined in the past as regulatory enforced contingency planning for the replacement of high-level employees in emergency situations.
The fact is that most succession plans are triggered by retirement and job changes like promotion or dismissal. Most succession events can be planned for well in advance of their impact and a well-executed succession plan ensures the positive development of all positions, builds the bench strength of your leadership team and prepares for fluid role transitions.
With early and thorough planning, a good succession plan frames recruitment and hiring decisions, acts as the syllabus for your executive development program and drafts the institutional blueprint for your future leadership structure.