What is a succession plan for a business

This article includes a list of references, but its sources remain unclear because it has insufficient inline citations. Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire what is a succession plan for a business die.

Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. In dictatorships, succession planning aims for continuity of leadership, preventing a chaotic power struggle by preventing a power vacuum. In monarchies, succession is usually settled by the order of succession. In business, succession planning entails developing internal people with the potential to fill key business leadership positions in the company. Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise.