It’s hard to think of a more important contributor to an organization’s long-term success than the cultivation of new leaders. Developing internal talent is almost always the most effective HR strategy—you can’t necessarily rely on outside hires to fit your company’s culture, mindset, and staffing needs.
Succession planning is a business strategy companies use to pass leadership roles down to the next generation. Even when senior staff members retire, resign unexpectedly, or experience health problems, this strategy ensures businesses continue to run smoothly and without interruption. This process also serves as a way to create a pipeline of candidates for all sorts of positions, not just management roles.
