Understanding the origin and importance of succession planning
Succession has been a part of history for a long time. A great example would be the succession line to the British throne and the monarchs worldwide.
At present, the term implies identifying and training prospective candidates to take on key leadership roles in the future. When done correctly, it eliminates creating any vacuum or confusion by allowing a smooth transition of the skills from one key position holder to the next. Successful examples of IBM, Apple, and Kimberly-Clark are prime examples that guide companies in adopting succession planning strategies as early as possible.
One of the common myths surrounding the phrase “succession planning” is that it’s only viable for senior-level replacement. This myth has two errors. Firstly, succession planning benefits include nurturing a prospective candidate for senior, mid-level executives, or any key job position. Secondly, this process goes beyond simple replacement planning.
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