Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, "replacement planning" for key roles is the heart of succession planning. Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. For the most part position-driven replacement planning is a forecast, which research indicates does not have substantial impact on outcomes. Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. Merck and other companies argue that a "talent mindset" must be part of the leadership culture for these practices to be effective.
The numerical value of succession planning in Chaldean Numerology is: 7
The numerical value of succession planning in Pythagorean Numerology is: 7
Sample Sentences & Example Usage
The industry is not good at succession planning. It is more in the moment.
Images & Illustrations of succession planning
Find a translation for the succession planning definition in other languages:
Select another language:
Discuss these succession planning definitions with the community:
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Use the citation below to add this definition to your bibliography:
"succession planning." Definitions.net. STANDS4 LLC, 2017. Web. 19 Sep. 2017. <http://www.definitions.net/definition/succession planning>.