In business, it is quite imperative that who will replace to whom in near future. Succession planning is an approach to overcome challenges of leadership replacement and developing a pool of talent . When a highly capable senior leader leaves the organization , it creates vaccum so succession management plan might offer a sigh of relif to promoter or board of directors to any business organization.
Every business organization has its own set of goals to be achieved with day to day domestic and international operations. Leaders will play a great and transformational roles in many functional areas like strategic management, operations, human resource, marketing development etc. Hence, succession planning and its management activities become important non ignorable.
It is true that every great leader must identify a good successor of his position before leaving or superannuation from top management position. Succession management helps organizational management to address issues having long term orientation and influence over business activities.