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What is succession planning and why is it important? Succession planning is the process of identifying very important positions in the organization and creating a talent pipeline, by preparing employees to fill vacancies in their organization as others retire or move on.
28 Δεκ 2021 · This paper conducted a systematic review of succession planning (SP) articles published over the last decade. The Systematic Quantitative Assessment Technique was used to identify 174 SP...
Ensuring succession planning is closely tied to business strategy and goals; Understanding the importance of engaging executive and senior leaders in the process; Clearly defining the development of key talent; and Ensuring staf understand their role in the process and know what is expected of them.
Succession planning is a strategically tried out process of identifying the next generation of leaders who can ensure business continuity when key leaders move on to new opportunities, retire, or pass away. This process preserves the future of the company and the stakeholders associated with it.
WHY IS SUCCESSION PLANNING IMPORTANT? In Effective Succession Planning, William Rothwell defines succession planning as a “deliberate and systematic effort by a company to ensure leadership continuity in key positions, retain and develop intellectual and knowledge capital for the future, and encourage individual advancement.” Succession ...
Good succession planning can foresee where a mismatch in traits and skill sets might fall short of business needs. It looks at the range of talent needed across leadership for alignment with strategy, and plans for a balanced, long-term collection of relevant qualities tailored for business continuity.
• Ensuring succession planning is closely tied to business strategy and goals; • Understanding the importance of engaging executive and senior leaders in the process; • Clearly defining the development of key talent; and • Ensuring staff understand their role in the process and know what is expected of them.
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