A succession planning strategy helps to make sure that people are hired and trained to fill important responsibilities. For us, this means that the addition of productive human capital is crucial.
<h3>What is succession planning?</h3>
The method and technique of succession planning is used to transfer leadership responsibilities or plan for replacements. It is used to find and nurture young, aspiring leaders who can take over in vacant leadership positions. The process of identifying the crucial jobs within your organisation and creating action plans for people to fill those positions is known as succession planning.
A procedure called succession planning is used to find candidates for senior posts. It makes more qualified candidates more readily available when your top leaders depart or retire. The human resources (HR) department, sometimes known as the human resources management (HRM) department, is frequently a major force behind succession planning, albeit success depends on the backing of senior management and other stakeholders. Replacement planning is another name for succession planning.
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