Successful succession planning means that if someone leaves an organization, the right person is in place to take their place. Succession plans were first used by family owned companies as a way to ensure that the business stayed in the family; if the business owner was the family patriarch, it was common for the children to be "groomed" to take over the business. That process evolved slightly as businesses began intensive research and preparation to replace CEOs.

Today, succession planning means that businesses provide developmental, support, and search activities to ensure that the organization continues effectively when people who occupy key roles leave or are promoted.

• Succession planning is an aspect of workforce planning that concentrates on key positions within the organization.
• Workforce planning involves all positions within the organization.
• Replacement hiring is a response to a vacancy; succession planning is a proactive process that addresses needs before they exist.

If we hope to compete for talent in today's workplace, then our organization has to make sure that it appeals to, and can successfully compete for, the best talent available.

Succession planning means that we are working long term, like we do when we invest our retirement savings. This is different than hiring in response to a vacancy.