succession-planning

Vocabulary Word

Definition

Succession planning is a protocol employed by organizations to identify and develop potential successors for key leadership roles. It is a system of preparing and grooming employees for advanced roles.

Examples in Different Contexts

For family businesses, succession planning is crucial for ensuring the smooth transition of the business to the next generation. A business owner might explain, 'We're working on our succession plan to make sure the business remains in the family and continues to prosper under new leadership.'

Practice Scenarios

Academics

Scenario:

Our department head is planning to retire next year. Do we have any thoughts about who may be suitable to fill her shoes?

Response:

Our succession planning has considered all potentials. We already have a couple of associates in mind who show great leadership promise.

Human Resources

Scenario:

It would be beneficial to identify and train potential candidates that could fill important leadership roles in future.

Response:

We have developed a succession plan, ensuring key roles are filled quickly and efficiently when necessary.