Succession Planning

Hubby's cousin is majoring in a business course and she asked me earlier if I am familiar with the term "succession planning" because their professor asked them to do a research study about it, like who started it and how is it done in big companies. Well, I am glad I was able to give her some inputs because we have discussed this in my Industrial and Organizational Psychology class way back in College. :)

And for the benefit of those people who are not familiar with this topic, succession planning is the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players — such as the chief executive officer (CEO) — within an organization as their terms expire.