2. Succession Planning

Succession planning is the process organizations use to ensure that they have a strategy in place for replacing key employees who leave or retire. It involves identifying and developing potential future leaders within the company to fill these roles. This planning helps maintain stability, continuity, and smooth operations, reducing the risk of disruption. It also ensures that the organization has the right talent ready to step in and contribute effectively, preserving institutional knowledge and promoting growth. Essentially, succession planning is about preparing for the future by nurturing talent today.