What is succession planning,and what are three of its benefits to organizations?

Succession planning is the process of training and work experience that enables individuals to assume higher-level job appointments in the future. Some of its benefits include:
∙ Enabling the organization to respond appropriately and stay on track when inevitable changes occur;
∙ Providing for continuity and future direction in the midst of significant change;
∙ Helping prepare people for new experiences and jobs (this preparation can also help improve their performance in current positions);
∙ Positively motivating employees when succession planning takes into account employees’ performance;
∙ Supporting new organizational structures and flexibility by explicitly providing backup for various positions, thereby reducing organizational dependency on one employee;
∙ Saving time and money by having plans in place to enable the smooth transition of employees.