The success of an entrepreneurial venture is often jeopardized by the death of its founder. Adequate succession planning is an important measure to minimize this problem.
The process of replacing the leaders and managers in your organization with high-potential internal (and occasionally external) replacements is called succession planning. In essence, the goal is to find, train, and replace staff members as needed to minimize any disruption caused by a prospective change in roles or hierarchies.
The goal of succession planning is intricate. Damage management and removing a crucial leader as soon as feasible are not the only concerns. It involves removing a leader and installing a successor who is qualified for the job, has the potential to succeed, and can take over the role swiftly and effectively (with added emphasis on successfully). It is about reducing the risks of organizational transformation while developing a succession planning approach or framework.
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