Succession Planning :
Succession planning is the process of ensuring that qualified persons are available to assume key managerial positions, whenever these fall vacant due to untimely deaths, premature firing, resignations and retirements. The aim is to ensure a smooth transition and operating efficiency. Studies reveal that executives hired from outside are more expensive than those chosen through succession planning.
A succession of persons to fill key positions over time is essential for the survival and success of an organisation. The purpose of succession planning is to identify and develop people to replace current incumbents in key positions to cases of resignations, retirement, promotions, growth, expansion and creation of new positions. Succession can be from within on from outside the organisation.
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