Final answer:
True, succession planning is the process of identifying and developing employees to fill higher-level positions in the organization, ensuring a supply of capable leaders for the future.
Step-by-step explanation:
Succession planning is indeed about identifying, developing, and tracking employees within an organization to prepare them to assume higher-level positions in the future. This planning is a proactive process that ensures that a company has a pipeline of qualified individuals ready to fill vacancies as they arise, particularly in leadership roles.
Organizations engage in succession planning to mitigate risk associated with turnover, retirements, and to maintain operational stability. By doing so, the organization can cultivate a talent pool that thoroughly understands the business and is capable of steering it towards continual growth and success. An effective succession planning process involves assessment of current employees, leadership development programs, mentoring opportunities, and potential advancement paths. This strategy is an essential part of human resource management and is critical to the long-term viability of any business.