In corporate terms, succession planning is a strategic practice essential for passing leadership roles from one employee to another. Better known as a replacement strategy, this process is vital to ensure smooth operation after the retirement of the company’s core executives. The primary objective in this proceeding is to develop training programs for employees to help them learn crucial skills, knowledge and gain a holistic understanding. Notable benefits There are several advantages of developing succession planning for family-owned insurance businesses . · First, companies can provide more empowerment and job satisfaction for employees by moving them into advanced positions. · Future opportunities assure better career development for executives as they develop their skills. · Senior managers ...