Two forces are driving organizations to consider succession planning as a component of overall strategy: the aging workforce and a shortfall in labor skills. Both factors will only become more pressing as time goes on. That’s why succession planning requires a long-term strategic commitment rather than a short-term (and sometimes panic-driven) effort to fill vacancies as they occur.
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10), succession planning is perhaps best understood as any effort designed to ensure the continued effective performance of an organization, division, department, or work group by making provision for the development, replacement, and strategic application of key people over time. Geared to developing the internal bench strength of an organization, succession planning is usually part of a larger talent management program that is intended to attract the best through recruitment, keep the best through