Definitions for succession planning
suc·ces·sion plan·ning

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1. Succession planning

   Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant. Succession planning in dictatorships, monarchies, politics, and international relations is used to ensure continuity and prevention of power struggle. Within monarchies succession is settled by the order of succession. In business, succession planning entails developing internal people with managing or leadership potential to fill key hierarchical positions in the company. It is a process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those roles when they become vacant. Succession planning also applies to small and family businesses (including farms and agriculture) where it is the process used to transition the ownership and management of a business to the next generation.

WikidataRate this definition:0.0 / 0 votes

1. Succession planning

   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.

How to pronounce succession planning?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say succession planning in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of succession planning in Chaldean Numerology is: 7

2. Pythagorean Numerology

   The numerical value of succession planning in Pythagorean Numerology is: 7

Examples of succession planning in a Sentence

1. Charles Elson:

   You want someone independent to be in charge of succession planning, given the fact it's a dual-class company, though, it doesn't really matter because no matter what happens, he and his family remain in control.

2. Mark McLaughlin:

   Over the course of several quarters, I have been discussing succession planning with the Board and I couldn't be more pleased that we have found a leader in Nikesh.

3. Douglas Groh:

   The industry is not good at succession planning. It is more in the moment.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Succession_Planning
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=succession planning