Succession planning is one of the most important career development tools used by organizations. This is done to determine the backups for each senior position by identifying and training the executives who are at the next-lower levels. This is an important process as most organizations rely on it to find their next CEO and other top notch executives. This includes an overall development of lower level employees to make sure that they can effectively handle the responsibilities that they will be handed over in next few years. Formal succession planning is an examination of organizations long range plans and strategies and HR forecasts. It also offers several other benefits and has a positive impact on organizational culture and efficiency.
Benefits of Formal Succession Planning
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