Succession planning is the strategic process that aims to identify and prepare current employees who have the potential to fill critical positions when they become vacant. The process typically involves identifying key positions and potential candidates (based on skills, knowledge, performance, abilities, tenure, etc.), creating development plans for these candidates, and regularly reviewing and updating the plan to ensure it remains relevant to the organization's needs. Effective succession planning can help organizations ensure the continuity of their success by minimizing disruptions caused by turnover, promoting employee retention and engagement, and providing a pipeline of skilled and experienced leaders who can drive the company forward.