What is Succession Planning?

Succession planning is an activity that identifies construction executives for critical
positions in the enterprise and then ensures that those construction executives are
properly developed and ready whenever a vacancy occurs. While such
advance preparation is an accepted practice for construction executives, it is, all too
often, overlooked when it comes to the rest of the workforce. Companies
may have been able to get away with such indifference in a labor surplus
market, but in an era when critical skills and superior performers are in
short supply, it poses a real and present danger to their success.