Succession Plan

What is Succession Plan?

This refers to the process of determining the crucial roles in your organization and creating action plans for people to fill them in the event of an emergency or surprise departure.

Why Succession Plan Matters

Employers offer succession plan as part of a competitive total rewards package to attract and retain talent. The specifics vary by organization, industry, and jurisdiction, but the core purpose is to support employee wellbeing and financial security.

When evaluating or administering this benefit, HR professionals should consider legal compliance requirements, cost implications, and how it aligns with the organization’s overall benefits strategy.