What is Succession About?

Succession is a term used in many contexts, but it most commonly refers to the process of transferring power, property and resources upon the death of a monarch or a single leader. The term succession is also applied to the election of a new leader after the death or retirement of the incumbent. Succession is the orderly and legal transmission of a person’s power, properties, and obligations to another person.

Succession Planning

Succession planning is essential for organizations and businesses as it involves long-term plans for filling key positions and outlines the candidates’ parameters, potential development opportunities and job descriptions. A good succession plan can create a strong foundation for leadership stability and encourage long-term success of the organization. It also assures that the business’ staff is prepared for any eventualities, both expected and unexpected.

Succession in Business

Succession in business is a broad concept that encompasses the processes for selecting, training, and preparing executives and other upper-level managers to assume duty at higher positions in a company or organization. Succession planning takes into account the organizational strengths and weaknesses, and provides employees of different ages and career levels an opportunity to develop in their capacities as employees and leaders. It also helps organizations build a solid foundation of effective teamwork, knowledge transfer and problem-solving.

Succession planning is a complex process, but a successful organization takes its time to ensure that the right candidates are identified and prepared for effective performance of the assigned tasks. It is important to make sure that the chosen candidates possess attitudes and skills that are in line with the existing corporate culture, as well as have access to the resources and tools necessary for success. Succession planning also involves education, coaching and mentoring programs to help the incoming leaders adjust to their positions and gain the necessary skills for efficient work with the company’s established networks.