The process of identifying and tracking high-potential employees who will be able to fill top management positions when they become vacant is known as

Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Succession planning is an ongoing process that identifies necessary competencies, then works to assess, develop, and retain a talent pool of employees, in order to ensure a continuity of leadership for all critical positions. Succession planning is a specific strategy, which spells out the particular steps to be followed to achieve the mission, goals, and initiatives identified in workforce planning. It is a plan that managers can follow, implement, and customize to meet the needs of their organisation, division, and/or department.