Business Succession planning in is the process of identifying long-range needs and cultivating a supply of talent to meet those needs. Succession management serves as an interface between the human resource function and the strategic direction of an organization. In this role, it is a vital resource in anticipating the future needs of the organization and helps to develop and monitor the human capital required. The succession management function may also reflect the concerns and needs.
Goals of succession planning include:
- Development and replacement of key leaders
- Clarification of key positions and criteria needed to fulfill them
- Generation of a talent pipeline to fill key positions
- Identification of leaders' strengths and experience to accelerate leadership growth of individuals and a total talent pool.