Planning is a term we all are familiar with. But what does it exactly mean? Planning is the process of setting objectives, implementing them, preparing side plans to support main objectives and putting them into action and finally measuring the performance of the implemented plans. It is one the most important task for any organisation.
Succession planning is usually described as – any efforts or plans made for the continual and competitive performance of the company along with a certain growth of the company as well as of its employees by preparing plans for development, replacements and strategic application of key people over time.
It aims to retain the effective and well-performing employees, develop them through giving them well planned targets and attract the available best talent from the pool of applicants.