Succession Planning

• Succession Planning is defined as the systematic process of recognizing and creating

future leaders who are able to take the position of the old ones when they leave the
organization due to retirement, resignation, termination, transfer, promotion or
death.

• Succession Planning is all about developing a leadership substitute, for a perpetual

succession of the organization without any kind of disturbance, when there are
changes in the top management.
 Succession Planning

• The Process in which new leaders are recognized, and trained to take the place of
old leaders in case of them quitting, retiring or dying .

Sources of Succession Planning:

Can be from Outside or Inside of the company

Succession Planning Process
 Benefits of Succession Planning
1. Candidates ready to start

2. Encourages managers to develop junior employees

3. It leads to higher job satisfaction

4. Helps to track progress

5. Keeps shareholders confident

6. Cultivate and maintain company loyalty

 Why is Succession Planning Important?
• Succession plans make your business disaster-proof.

• They provide a concrete plan for filling key roles and help to avoid times of
uncertainty.

• It can be reassuring for investors to know that there is a carefully considered plan in
place.
 Succession Planning Best Practices
1. Start from key roles

2. Talk to your employees

3. Collaboration between management and HR

4. Forecast your business needs

5. Create a pipeline of talent

6. Annual talent reviews

7. Build the learning culture inside your organization

8. Avoid biases

9. Focusing on Individual development plans

 Challenges To Effective Succession Planning
• Employee Strength

• Dearth of financial resources

• More project staff

• Senior leaders don’t wish to leave their jobs

• Lack of training

• Poor communication
Videos
• https://www.youtube.com/watch?v=GZ8C3ie0drw
• https://www.youtube.com/watch?v=ej8qGWMYgys