Succession planning is the process of identifying and developing talent to succeed company directors and senior managers. A process that decides who gets to lead an organisation has obvious implications for corporate strategy, corporate governance, and corporate social responsibility.
Aside from the core benefit of delivering the best candidates for executive roles, succession planning also animates a business on the issue of staff development, making it a more attractive and retentive employer. An increasing number of businesses also place less senior, but still business-critical roles, in their succession planning. This presents an opportunity for a business to combine succession planning with wider talent management activity to maximise the value of the entire workforce.