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Succession Planning and Management
Succession planning and management ensures that when someone takes over an area of a business, it occurs smoothly, minimizing any negative impact on the business. This means being prepared for a change in leadership before it happens, and includes having recruitment pipelines or a pool of talent so there is always someone to take the helm on business-critical projects.
What Small and Midsize Businesses Need to Know About Succession Planning and Management
Small businesses, including startups, can take advantage of a good succession plan. As businesses expand, it’s natural for leaders to take on other roles, which can leave a vacuum if not addressed or prepared for properly. An effective succession plan ensures there is always a team member qualified to fill these gaps.
Related terms
- Absence Management
- Furlough
- Onboarding
- Attrition
- Right to Work
- Employee Self-Service (ESS)
- Background Check
- Equity Theory
- Performance Management
- Diversity and Inclusion (D&I)
- Gamification
- Center of Excellence (COE)
- Succession Planning and Management
- Workforce Analytics
- Performance Improvement Plan (PIP)
- Employee Resource Group (ERG)
- Chief Human Resources Officer (CHRO)
- 9-Box Model
- Enterprise Applications
- People Analytics
