Succession planning is a strategic process that identifies and develops internal talent to fill key leadership positions within an organization. It involves identifying potential successors, grooming them through mentorship and development programs and ensuring a smooth transition when a current leader departs, retires or is promoted. Succession planning is therefore Future Planning for businesses, which is as important as Future Planning for individuals.

It safeguards the long-term continuity and stability of the organization, by preventing leadership gaps and maintaining operational effectiveness. Succession planning helps to

• maintain institutional knowledge,
• strengthen employee motivation and engagement,
• mitigate risks associated with sudden leadership changes,
• demonstrate a commitment to the growth and development of employees, and
• foster a positive organizational culture and attract top talent.