What is succession planning?

Succession planning is an HR process that prepares people for future roles to support continuous business functioning. Succession planning offers long-term, strategic solutions that buffer both large and medium-sized businesses against inevitable future disruptions or sudden job vacancies.

What is HR’s role in succession planning?

Succession planning can feel like training a competitive basketball team. A bench player can jump in as a replacement when a first-string player gets injured or needs a break to continue the game seamlessly. Similarly, HR leaders train people to fill various positions in the company, supporting smooth functioning during departures, transfers, or promotions.

Why is succession planning important?

Companies risk disruptions when key team members retire, move on, or transition into other roles without a succession plan. Succession planning guarantees a pipeline of capable leaders who step up when needed.

Who is responsible for succession planning?

Typically, HR leaders and senior management collaborate on succession planning to identify future leaders and ensure the plan aligns with long-term company goals. Your people can also take active roles by expressing interest in development opportunities and working toward leadership readiness.

How much does succession planning cost?

While succession planning may require an initial investment in time and training, successful succession planning can reduce hiring expenses and downtime.

What succession planning tools are available to employers?

Employers can use career path templates, performance management software, and learning management systems to streamline the succession planning process. These tools help identify potential leaders, track progress, and provide development opportunities.

What is a succession planning model vs a succession planning framework?

A succession planning model outlines the overall strategy and goals for leadership transitions. A succession planning framework provides detailed steps for execution, such as role-specific development plans, skill assessments, and training programs. Both work together to build a comprehensive succession plan that ensures seamless transitions.

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