Succession Management is the process by which organizations identify and secure necessary talent to ensure leadership continuity in key positions, as well as develop and retain them for the future. It combines two practices – succession planning and employee development – to create a long-term process for managing talent across the organization.
Succession Management is an essential part of a long term talent management strategy and brings attention to the skills required for key positions now and in the future along with a process strategically designed to help the high potential employees develop those skills.
- Minimal business disruption through talent/ leadership availability, matching the demand with a timely and continuous supply of an adequate number, profile and quality of leaders in key positions at all leadership levels
- Reduced business risk through systematic and effective tracking of critical roles and succession plans
- Motivated and loyal workforce through flexible career roadmaps and development opportunities