We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is Succession Planning?

Malcolm Tatum
By
Updated: May 17, 2024
Views: 9,393
Share

Succession planning is the process of preparing individuals to eventually take over key roles within the operating structure of an organization. This type of planning can take place in just about any type of organization, including businesses, charities, and religious organizations. Often, succession planning begins with identifying the talents and abilities of individuals who are already part of the organization, and creating ongoing programs that provide the training and experience necessary to groom those individuals for future responsibilities.

The process of succession planning can be employed in organizations of all sizes. For example, a family-owned business may determine that one or more children in the immediate family have demonstrated abilities that would allow them to run the business when the current owners reach retirement age. As the children reach their teenage years, they are brought into the organization in entry level positions, providing them with the opportunity to learn the basics of the business operation. The training progresses through specific courses of study at a university, providing the children with the chance to learn basic business administration processes. After graduation, the children return to the business, and incrementally advance through the organization until they are deemed ready to take over the operation as a whole.

In larger corporations, formal mentoring programs are often the means of grooming existing employees to take over various areas of responsibility at a later date. Hourly employees who demonstrate leadership skills and abilities may be invited to participate in a management training program, with the intent of preparing them to eventually move into key salaried positions within the company. Often, this form of succession planning will be a combination of participating in training programs and also being assigned to managers who continue to school them in the policies and procedures of the business.

One of the key elements that will make succession planning a benefit to the organization is identifying individuals who exhibit the qualities necessary to rise through the ranks of the business. To this end, employees who appear to grasp fundamentals quickly, have the ability to efficiently complete their tasks without a great deal of supervision, and demonstrate a strong work ethic are very likely to be chosen for some type of succession planning program. Employees who may exhibit some skills, but also tend to be somewhat apathetic to the organization and its goals, will likely not be included. For this reason, attitude as well as skill is often very important when selecting individuals for any type of ongoing training program.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Malcolm Tatum
By Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing to become a full-time freelance writer. He has contributed articles to a variety of print and online publications, including WiseGeek, and his work has also been featured in poetry collections, devotional anthologies, and newspapers. When not writing, Malcolm enjoys collecting vinyl records, following minor league baseball, and cycling.

Editors' Picks

Discussion Comments
Malcolm Tatum
Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing...
Learn more
Share
https://www.wisegeek.net/what-is-succession-planning.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.