GENERAL KNOWLEDGE

Detailed explanation-1: -Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions.

Detailed explanation-2: -Leadership succession planning is a designated strategy to maintain smooth operations when key leaders resign, retire or move on abruptly. It involves analyzing and evaluating specific skills or competencies in the shortlisted talent within an organization for them to assume leadership roles when needed.

Detailed explanation-3: -Description: Succession Planning, specifically termed as Management Succession Planning, involves coaching and development of prospective successors or people within a firm or from outside to take up key positions in an organisation through an organized process of assessment and training.

Detailed explanation-4: -Succession planning is the process of replacing your organisation’s leaders and managers with high-potential, internal (sometimes external) replacements. Essentially, it is about identifying, developing and replacing employees to make a potential shift in responsibilities/hierarchy as smooth as possible.