What is the term for identifying and preparing individuals for key future roles within a business?

Succession planning is the term used for identifying and preparing individuals for key future roles within a business. This process is vital for ensuring that an organization can maintain continuity in critical positions, especially when there are impending retirements, promotions, or unexpected departures. By systematically evaluating potential candidates within the organization and equipping them with the skills and experiences necessary for leadership positions, businesses can mitigate risks associated with turnover and maintain operational stability.

This approach also fosters a culture of growth and development, as it signals to employees that there are opportunities for advancement. In turn, this can enhance employee engagement and retention, as individuals are more likely to invest in their roles when they see clear pathways to future opportunities.

Other options, while related, do not specifically capture this concept. Workforce planning refers broadly to the strategy of ensuring that the right number and kinds of people are in place at the right time to fulfill the organization's goals. Human resource development encompasses various activities aimed at improving the skills, knowledge, and capabilities of employees but is not solely focused on preparing individuals for future roles. Talent management is a broader strategy that includes attracting, developing, and retaining employees but does not exclusively refer to the preparation for key roles specifically. Succession planning, however, is distinctly targeted at ensuring that