Introduction & Terminology

Modified on Thu, 4 May, 2023 at 11:38 AM

Succession Terminology

Here are some common succession terms. See below for its definition.

Successor - A person or thing that succeeds another. For example, a person who is next in line for a position.
Pivotal position - This position is considered highly important within the company.
Incumbents- The holder of an office or position.

Succession Introduction

Learn more about the basics of Succession.

What is Succession Planning?

Succession planning for a company is the identification of job vacancies that can be expected to occur through retirement or attrition and the strategic consideration of where and how internal candidates might fill those vacancies. It involves assessing job requirements and skills of existing employees and then seeking to fill the gaps between needs and skills with targeted training and development activities. Succession Planning for any company is an important business strategy.

Why should a company have a Succession Planning process?

Companies need to have a systematic process for preparing employees to fill key roles as they become vacant. Companies need to develop potential leaders in advance and maintain company knowledge. This process is vital to the success and continuation of a company. This process also encourages a smooth transition when it is time for a key-role individual to step down and a replacement to step in.

What is the Succession feature?

This Succession feature within the HR solution helps clients monitor the succession plans that are in place for their company and helps companies track progress of the development plans for future leader employees. Succession is a component of the Performance Management module within the software.