What is Succession planning?
Succession planning: Preparing people to fill key roles when leaders leave.
Where Succession planning fits
Succession planning is part of Talent & Culture in People & HR. People are the business. Recruit with a clear job description, onboard well, review performance fairly and build a culture that keeps good people.
Practical tip
Hire for skill and fit, develop people and learn from exit interviews.
Related terms
- Onboarding
- Helping new hires learn the job and fit into the team.
- Employee turnover
- Share of employees who leave a company in a period.
- Performance review
- A regular check of how well an employee meets goals.
- Organizational culture
- The shared values and habits that shape how a company works.
- Delegation
- Handing a task and its authority to someone else.
- Stock options
- The right to buy company shares at a fixed price, used as a perk.
- Recruitment
- Finding, attracting and hiring people for jobs.
- Severance pay
- Money paid to an employee who loses a job through no fault of their own.
Formulas you will use with it
Test yourself
Which term means: “Preparing people to fill key roles when leaders leave.”?
Recruitment · Succession planning · Stock options
Answer: Succession planning
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