About Talent Management and Succession Planning
Every company, organization, brand, and business gets to a point when a generation of leaders have to step
down and allow others to take the lead and initiative in handling their affairs. When this happens, the
importance of having a bench is quite clear. The bench strength of any business is very much important for the
continuation of activities.Talent management and succession planning are, in a broad sense, the careful
identification, selection, nurturing, and development of talents for future leadership positions.
Talent management for succession is arguably the most vital part of the HR job profile, and if rightly done,
the whole company stands to benefit from it.
Succession planning specifically deals with the process of replacing staff who step down with others who are
taking over. It covers the time, manner, and smoothness of replacement, as well as determining who is in the
best position to take over a particular role. Succession planning also covers aspects of employee exit from
the job role or the company.
Talent management and succession planning could be difficult to handle without the proper information. The main
goal is to find the best replacement for a person at the right time and place. The incoming person must fit the
job role well for the process to be declared a success.