Difference between revisions of "Succession Planning"

Revision as of 18:14, 20 July 2022

Succession planning is the process of preparing for the eventual transfer of power and responsibility from one generation to the next. This can include identifying and training potential successors, creating a plan for how the business will be run during and after the transition, and putting measures in place to ensure a smooth changeover. Succession planning is important for businesses of all sizes, but it is especially critical for family-owned businesses, which often have complex ownership structures.

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-Succession planning is a [[process]] for identifying and developing internal people with the potential to fill key [[business]] [[leadership]] positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, "replacement planning" for key roles is the heart of succession planning. Effective succession or talent-pool [[management]] concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression (Charan, Drotter, Noel, 2001). In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. <ref>Definition of Succession Planning [https://en.wikipedia.org/wiki/Succession_planning Wikipedia]</ref>
+'''Succession planning''' is the process of preparing for the eventual transfer of power and responsibility from one generation to the next. This can include identifying and training potential successors, creating a plan for how the business will be run during and after the transition, and putting measures in place to ensure a smooth changeover. Succession planning is important for businesses of all sizes, but it is especially critical for family-owned businesses, which often have complex ownership structures.
-===References===
-<references/>