Succession and Career Planning

Succession planning is an essential part of talent management. It is important to develop employees and provide them with goals to strive for. Knowing that there is opportunity for advancement will improve loyalty and make transitions in the company easier.
Succession planning is used by businesses to streamline the process involving a change of leadership or ownership. It involves recognizing internal employees who merit career advancement and training them to assume new roles within the company. These plans only work if companies take the steps necessary to prepare.