Succession Planning is the systematic process by which organizations ensure orderly succession to executive and managerial positions by anticipating personnel changes in advance and ensuring that the right types of people are available.
Extend the organizational requirements into the future, forecasting the different types of skills that are expected to be needed
Compile a management succession chart recording the retiring date or probable promotion date of each manager and the names of one or two potential successors
Identify the gaps; determine which gaps must be filled and those where the cost of doing so would exceed the benefits gained
Develop an action plan to address the gaps to be filled