BUSINESS SUCCESSION PLANING
Succession planning is a procedure to identify those with potential to assume greater responsibility in the organization and by providing in depth development training to those who can move onto key position and giving them proper leadership and guidance in supporting the developments of high potential employees.
Moreover, succession planning is to retain potential employee through proper training and guidance with career advancement opportunities. As It increases the availability of experienced and capable employees that are prepared to assume for an advancement, it ensuring that employees are constantly developed and ready to fill each needed role especially when an organization is expanding.
Many do not know that this will actually enable the company to increase their market value as planning has been done to ensure the continuity of a business should any mishap happens to the key person of the company.