“If you want to leave behind a viable business that literally and figuratively outlives you then it’s important to plan,”
Succession planning is about the development of internal human resources with the potential to fill key leadership positions. Succession planning increases the availability of experience and capability prepared to assume these roles as they become available.
Why is succession planning important?
- Succession planning Identifies future leaders.
- Succession planning is an important way to identify the capability of internal human capital possessing current skills–or the potential to develop skills–that can help them move up in an organization, or on to other positions.
- Succession planning decreases the likelihood of power struggles, while publicly selecting and expressing confidence in a new leadership.