Definition of Succession planning:
Succession planning can also provide a liquidity event enabling the transfer of ownership in a going concern to rising employees.
Identification and development of potential successors for key positions in an organization, through a systematic evaluation process and training. Unlike replacement planning (which grades an individual solely on the basis of his or her past performance) succession planning is largely predictive in judging an individual for a position he or she might never have been in.
Succession planning is a strategy for passing on leadership roles—often the ownership of a company—to an employee or group of employees. Also known as "replacement planning," it ensures that businesses continue to run smoothly after a company's most important people move on to new opportunities, retire, or pass away.
How to use Succession planning in a sentence?
- Succession planning involves cross-training employees so that they develop skills, company knowledge, and a holistic understanding of the company.
- Succession planning is a strategy for passing on leadership roles—often the ownership of a company—to an employee or group of employees.
- Succession planning ensures that businesses continue to run smoothly after a company's most important employees retire and leave the company.
- Our company had some ideas for succession planning that would allow many of the younger people to have leadership roles to ensure a profitable future.
- Being able to quickly identify new trends will help you in your succession planning for your new projects and ventures.
- To fully maximize your time and resources you should be good at succession planning to get the most out of both.
Meaning of Succession planning & Succession planning Definition