What is Succession Planning? Explain the importance of Succession Planning in an organization. (simple info in photo below) l SMART12:54 AM@ 1 44%A cdn.fbsbx.comMEANING AND PURPOSE OF SUCCESSION PLANNINGSuccession Planning is -The process of ensuring a suitable supply ofsuccessors for current and future senior or key jobs arising from businessstrategy, so that the careers of individuals can be planned and managedto optimize the organizations needs and the individuals aspirations.PURPOSE OF SUCCESSION PLANNING is to identify and developpeople to replace current jobholders in key positions. ThroughSuccession Planning, companies assure a steady flow of internal talent tofill important vacancies. Succession Planning encourageswithin' and creates a healthy environment where employees have careersand not merely jobs. It helps in identifying human resources shortagesand skill shortages before openings occur. Thereafter, it becomes easy togroom qualified candidates for future vacancies. The organization is thusassured of continuity of operations and better qualified incumbents.hiring fromThe absence of a Succession Plan can seriously hamper the growthprospects of an organization. Imagine the disastrous consequences whenthere is a sudden vacuum at the top level. There is no one to see theship. Critical plans needing immediate action get postponed. Theorganization remains headless and directionless for a while. Suitablecandidates may not be available internally, as no one has been groomedin the past, keeping suchan eventuality in mind. Bringing in outsiders may mitigate the crisistemporarily but the long term impact is bound to be negative. Internalforces may start a rebellion and creating of war situations with frustratingregularity.Preparing a schedule for Succession is critical to the success of acompany, especially at the top levet when the baton changes over aperiod of time, disruption and dislocation are minimized. Indeed when anew CEO is meant to consolidate on past successes, a slow shift is ideal.If qualified candidates are not available within the company, outsiders canbe considered readily for possible openings. Complete dependence onSuccession from within or from outside is not desirable. Internalcandidates require a pat on the back' when they do well. Externalcandidates are needed for injecting fresh blood into the companyREPLACEMENT CHARTSA Succession Plan is a plan for identifying who is currently in post andwho is available and qualified to take over in the event of retirement,voluntary retirement, dismissal or sickness. A typical Succession Chartshows details of key positions of executives and brief references to theirpossible successors. The replacement chart is a visual representation ofwho will replace whom if there is a job opening.TIME FRAMERight person for the right job, at the right place and right time implies thetime frame of succession planning. Time frame is applied for mentoring,training and job rotation. As the process of succession planning is to findright person within the internal frame work, there are possibilities when no

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The practice of identifying essential jobs within your organisation and generating action plans for…