Wikipedia says that "Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Here the planning is usually a close process, so that those who have been selected are not likely to know that they are on a succession list or chat. Succession planning can be defined as the process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those jobs when the incumbents leave."
One of the most used tools for analyzing human talent to include them as candidates of a succession pool is called 9 Box. "The 9 box grid is a well-known talent management tool in which employees are divided into nine groups, based on their performance and potential."
Example of a 9 box grid - TalentGuard.
Succession planning and management is a very specialized HR process typically executed by HR Admins, HR Business Partners, Managers, CEOs, and Succession Committees that Executive Boards can represent. Recruitment from the company's existing professionals is based on multiple criteria, including verified skills, competencies, performance, career aspirations, manager recommendations, and more.
The definition of a company's succession strategy is the foundation of an efficient succession plan and management system. Once there is an understanding of the needs and goals to achieve with a Succession plan, succession planners will compare candidates in talent pools to analyze their strengths, flight risks, and skill gaps to develop their teams into future successors.