Succession planning is identifying, recruiting, training, and mentoring employees with leadership potential, preparing them to step into more senior or executive positions when vacancies occur.
Succession planning ensures that highly qualified people are in all key positions…today, tomorrow, next year, and five years from now. It also ensures that if a position needs to be filled for a day, a month, or permanently, management can quickly find people with the right skills to perform the job duties on a shared basis or to step into the position temporarily or permanently.
The process extends beyond filling vacancies and skill gaps to managing the organization’s long-term needs. Good planning focuses on recruiting employees based on organizational needs, developing their skills and abilities, preparing them for advancement, and retaining those employees to ensure a return on the organization’s investment.