When a leader at an organization steps down, retires, or leaves the organization for any reason, their role must be filled with an equally skilled and capable individual. Succession planning is a process of pinpointing what individuals within an organization's current staff are either ready or on track for growth.
During succession planning, management will determine what employees are ready for growth and will prepare them for a more challenging role by developing their skills, knowledge, and abilities.
Succession planning is not something that is only used by large organizations. Regardless of company size, succession planning can be extremely valuable to an organization. Succession planning ensures that in the event that a team member leaves unexpectedly, individuals within the organization will have a fundamental understanding of the key tasks that person handled. Succession planning helps to keep all tasks and operations running during any transition time.
Partnering with a professional for your company’s succession planning can help your business ensure that you are documenting the processes accurately and without any questions left on the table. You will also ensure that every task, no matter what size, will be handled in the event that a team member leaves without warning.