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Meaning of “succession planning” in the English Dictionary

"succession planning" in Business English

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succession planningnoun [U]

uk   us   HR, WORKPLACE, MANAGEMENT
the ​process of ​finding suitable ​people and preparing them to ​replace important ​executives in an ​organization when these ​executivesleave or retire : A ​lack of ​successionplanning is the ​main reason so many family ​businessesbreak down.
succession plan
noun [C]
The ​company has a ​successionplan in ​place for the ​retirement of the ​chairman.
(Definition of succession planning from the Cambridge Business English Dictionary © Cambridge University Press)
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“succession planning” in Business English

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