Succession planning

Succession planning is a systematic process whereby an organization ensures that employees are identified, recruited, assessed and developed to prepare them for advancement or promotion into more challenging roles within the company. The succession planning process needs to be considered as part of the company's strategic planning process because it deals with projecting future changes by anticipating management vacancies and then determining how to meet these challenges.

Advantages/Benefits of Succession Planning
a. There is an ongoing supply of well trained, broadly experienced, well-motivated people who are ready and able to step into key positions as needed.

b. Availability of appropriate resources within the company to conform to the future needs of the company.

c. A continuous stream of people who are constantly reviewing, questioning and refining procedures and processes, helping to improve the quality inside the company, as well as improving the offerings of the company out in the market place.

d. An increasing reputation as a good, challenging, stimulating place to work, which could result in your ability to hire better people.

- Anju Mary Mathews.