ABSTRACT
What is succession planning? Succession planning refers to the process and strategy used to identify and develop potential internal candidates for key positions within a company.
Key positions are defined as those positions necessary to ensure that the company maintains its competitive advantage and is positioned to sustain continued success in the marketplace. Key positions may include those associated with executive and senior leadership positions or highly skilled technical professionals that may be difficult to find qualified candidates to fill. Oftentimes, these key positions require specialized training, licenses, or an experience level that is not easy to replicate. An important aspect of succession planning is to create a suitable match between the company’s future needs and the desired career path of individual employees. A welldeveloped succession planning process can also serve as a means to increase the retention of high-performing workers.
