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

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.

Business

Scenario:

Considering the current CEO's impending retirement we should discuss our plan for CEO succession.

Response:

We've been proactive in our succession planning. We have identified several potential successors within our own team.