Succession Planning is the process of identifying and developing potential future leaders or senior managers, as well as individuals to fill other business or critical positions, either in the short- or the long-term. [Source: Chartered Institute of Personnel and Development]. Implementing Succession Planning can: Minimise business risk Allow you to more accurately plan for the future Ensure that your organisation has the capability to deliver against a vision and strategy Build organisational resilience, sustainability and business continuity Pinpoint development needs Identify career progression paths so you retain your strongest talent. For many organisations, they need to demonstrate to stakeholders that they are proactively managing the people-risk element in their businesses. This is particularly true in the Private Equity arena where organisations can change ownership and the new owners insist that a stable management team and organisation is in place.…
