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Question: Here’s an issue we need to come to grips with - our key executives are approaching retirement. Additionally, as I look at our managerial team in general, I see more and more gray hair. What concerns me is that we’re not preparing for the exit of these key players. I’d like to see the company implement a formal succession plan. Any suggestions on how we should get started?
Answer: Succession planning is a crucial process for most organizations
today. It is the process by which successors are identified for key posts and targeted career development activities are offered. While succession planning has always been a part of human resources programing, it has become increasingly relevant as organizations like yours confront the realities of an aging workforce.
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