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Succession Planning
Succession Planning is the process of creating future leaders in the organization by passing on leadership roles to deserving employees or groups of employees. Succession planning is also known as ‘replacement planning’. It ensures that business runs smoothly and efficiently. It involves cross-training employees so that they develop skills, company knowledge, and a holistic understanding of the company. It involves cross-training employees so that they develop skills, company knowledge, and a holistic understanding of the company. The succession planning process ensures that the business operates successfully without the key positions after they get retired or are not present.
