11. Succession Planning

Succession planning is the process of preparing for future leadership and key roles within an organization. It involves identifying and developing potential candidates to ensure a smooth transition when current leaders retire or leave. This process not only helps maintain stability but also fosters talent growth, ensuring that the organization continues to thrive. Effective succession planning aligns with the organization’s goals, allowing for better continuity, innovation, and resilience. By investing in people and their development, companies can mitigate risks associated with sudden departures and sustain their success over the long term.