By moving succession planning to the forefront of the corporate agenda and taking a proactive approach to leadership and employee development today, organizations are laying a solid foundation for smooth leadership transitions in the future, thereby sidestepping the talent crisis.

Executed as part of an overall strategic talent management initiative, succession planning enables organizations to identify their current and future needs, and helps them align and develop talent accordingly. For succession to truly succeed, however, companies must focus on their employees' career development.