Traditionally succession planning was a process of identifying successors for key posts and planning their career paths accordingly. The “successors in waiting” may be immediate or long-term. However there is no single approach that works for all organisations.
Modern succession planning is constantly evolving in response to a rapidly changing environment where the future is uncertain. It must be linked with business strategy if it is to be of value. The goal is for a more diverse senior management group with a wider span of competencies and qualities – a balance between developing internal expertise and bringing fresh blood into the organisation.
We recommend speaking to your HR Business Partner for further guidance about succession planning.