Succession planning is traditionally a practice used by large, publicly-traded corporations. These organizations need to have a contingency plan ready in the event the CEO or another senior-level leader suddenly steps away. Seamlessly filling crucial positions with a qualified replacement ensures operational stability and appeases shareholders.
In recent years, succession planning has not only been adopted by many mid-sized organizations. It has also evolved to include all management roles, in addition to C-suite-level
positions. What was once a break-glass-in-case-of-emergency plan, has transformed into a way to identify future leaders and prepare them for career advancement.