The Importance of Succession Planning

Today companies exist in a modern and global age, a dynamic and continually evolving environment where businesses need to plan ahead. One growing human resource issue of senior management is succession planning. An on-going process largely concerned with the identification, assessment and development of tomorrow's leaders (Kim, 2003, p.1), its focus is on the future performance of the firm. Its usefulness as a key strategic planning tool has long-term implications for human resource activities, including an organisation's culture, recruitment and selection, employee learning and developmen…