Succession planning is a critical part of human capital strategy. It focuses primarily on which current employees can meet future open position requirements, thereby achieving corporate goals. Succession planning is a focused process for keeping talent in the pipeline. Succession planning is not only about identifying the future leaders of a company but also about planning for potential key vacancies throughout the company. Boiled down, succession planning is the process of identifying and developing current employees to prepare them for increasingly advanced roles within the business.
