There are two forces at work today that are driving organizations to consider some form of succession planning as a component of an overall talent management strategy. Namely, these forces are: the aging of the workforce; and a shortfall in the skills possessed by those available for recruitment. Both are projected to become more pressing.
But what is succession planning and how will it address these human resource issues? What are the best practices being applied by successful companies today? How does succession planning differ from replacement planning? When do leaders know that their organization needs a succession planning and management program? What are talent pools, and how are they used? What ten key steps are tied to effective succession planning? What common mistakes are made in establishing succession planning, and how can they be avoided? This white paper answers these questions. By doing so, it provides a starting point to help decision-makers and HR practitioners alike contemplate the ins and outs of a practical succession planning program.