Why is Succession Planning Important?

The succession planning process ensures that an organization recruits and develops employees to fulfil each key role within the company. It is a systematic method of identifying and developing future leaders who will be able to fill in for current leaders when they leave the company due to retirement, resignation, termination, transfer, promotion, or death. It is a modern approach that assures that a company’s most critical personnel move on to new opportunities, retire, or pass away without lowering the efficiency of the company.