Succession planning prepares a workforce for inevitable departures, retirements and promotions and provides a process through which an employer can identify and develop internal staff with the potential to fill key leadership and other critical roles. By engaging in succession planning, an employer better ensures business continuity as well as provides advancement opportunities for current employees.

As large numbers of employees leave their current positions in response to opportunities with other organizations resulting from a competitive labor market, leaders require a renewed focus on succession planning to ensure the continued viability and resilience for their organizations.