What is meant by "succession planning"?

Succession planning refers to the proactive strategy of identifying and developing internal personnel who can fill key roles within an organization when they become available. This process ensures that there is a pipeline of qualified candidates ready to step into important positions, thereby minimizing disruptions and maintaining organizational stability. By focusing on internal talent, organizations can leverage their existing workforce's knowledge and skills while fostering employee engagement and retention through career development opportunities. Succession planning is crucial for long-term organizational success, as it aligns workforce development with strategic goals and prepares the company for future challenges and growth.