If there is one factor that differentiates successful companies from the rest, it is their succession planning. Succession planning is one of the absolutely critical components of a business plan. It is the means of grooming leaders for the organization and placing the organization in their hands in a steady and phased manner. In a sense, this succession process starts from the time an employee is inducted into the organization, because great organizations spot a potential leader from the time they start working with them. The only certain prescription for saving an organization from getting into the grip of inappropriate hands is to instill a very efficient succession model. Succession planning can be understood as these: A systematically designed and implemented process of anticipating the need for talent and ensuring that the necessary employee competencies and experience are available when needed in the future A strategic approach of developing and enhancing the organization’s...