ABSTRACT
Succession planning is an important process that is used to increase the availability of primarily internal candidates to fill key positions as they become available within a company. There are various changes in business processes that will facilitate the need for succession planning. These changes are changes in corporate business strategy, changes in technology, knowledge retention, high-employee turnover, implementation of process changes and restructuring of the organization. A skill gap analysis is designed to capture the areas for growth required to prepare the successor for the position he or she is expected to fill in the future. A comprehensive gap analysis focuses not only on the technical skills but also on the soft and leadership skills complementary to the position. A very comprehensive and implementable training plan is an essential aspect of the succession planning strategy. Knowledge retention is good reason to have an effective succession planning strategy.
