What does the term "succession planning" mean in Cornerstone?

Succession planning within Cornerstone refers specifically to identifying and developing internal personnel to fill key roles within an organization. This process is critical for ensuring that an organization has a solid plan in place for future leadership and key positions. By focusing on internal talent, companies can promote and prepare their existing employees for advancement, ensuring continuity and stability within the workforce. This proactive approach helps in mitigating risks associated with sudden departures of key personnel and facilitates a smoother transition when leadership positions become available.

On the other hand, tracking employee training progress primarily relates to monitoring the development of employees' skills rather than planning for future personnel changes. Hiring external candidates is a different strategy altogether that focuses on bringing in new talent rather than nurturing existing employees. Evaluating project management skills pertains to assessing specific competencies within a team or organization, which is not directly linked to the broader strategy of succession planning.