What is a succession plan?

A formal succession plan is a structured process with defined outcomes and is a key component of talent management activities and recruitment strategy.  The primary focus of a succession is to identify key positions that are at risk, that is those key positions that will need to be backfilled in the nearer future, to develop high potential employees as a whole, and to determine if high potential employees have an interest and aptitude for a particular career path.

A succession plan is essential for the sustainability of the organization.