Final answer:
Succession planning is a process used by companies to ensure employees are recruited and prepared for future vacancies. It involves identifying and developing potential candidates for key leadership roles.
Step-by-step explanation:
A process that a company may use to ensure that employees will be recruited for and prepared to fill vacant positions in the future is known as succession planning. Succession planning involves identifying and developing potential candidates within the organization who can take on key leadership roles as employees retire or leave the company.
One example of succession planning is developing a leadership pipeline, where employees are given opportunities for growth and development to prepare them for future leadership positions. This can include providing training, mentoring, and stretch assignments to help employees develop the skills and experience needed for higher-level roles.
Another example is creating a talent pool of potential candidates for key positions. This can involve actively recruiting and selecting top performers and high-potential employees within the organization and providing them with targeted development opportunities to prepare them for future job openings.