Succession planning is a strategic process that ensures the continuity and stability of an organisation by preparing for the inevitable changes in leadership and critical roles. Succession planning is a relevant process for small business owners, a leader in an enterprise or an executive in a large corporation.
Succession planning is essential for maintaining operational efficiency and achieving long-term goals. This article delves into three fundamental components of succession planning: Identifying business critical positions (BCPs), talent assessment, and development plans.
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