The crucial task of succession planning

WHENEVER the topic of sustainability is brought up, most executives think of the environment and the prudent use of our planet's resources. A less common (but no less applicable) understanding of sustainability is the necessity for businesses to pursue strategies and actions that ensure their longevity.

A key aspect of this longevity is succession planning: the practice of identifying and developing in-house candidates for top executive positions. When properly implemented, succession planning will help ensure an organisation's sustainability.

Yet, while it is usually talked about in passing, succession planning is often only intensely discussed when a director, a chief executive officer or a senior management staff decides to leave the company or retire.