What is the term for the process of identifying individuals with the potential to fill key management roles in the future?

Succession planning is the term used to describe the process of identifying and developing individuals within an organization who have the potential to fill key management and leadership roles in the future. This strategic approach ensures that the organization has a pipeline of qualified candidates ready to step into critical positions when they become vacant, thus maintaining continuity and stability within the management structure.

This process involves assessing the skills, experiences, and readiness of potential candidates, as well as providing them with the necessary training and experiences that prepare them for future leadership responsibilities. By focusing on succession planning, organizations can mitigate the risks associated with sudden departures of key management personnel and ensure that they are equipped to meet their future challenges effectively.

The other options, while related to human resources and organizational management, don't specifically capture the essence of preparing future leaders. Employee development focuses mainly on enhancing the skills and knowledge of current employees, performance management deals with evaluating and improving individual performance, and talent acquisition is the process of attracting and hiring new employees. Succession planning stands out as it is a proactive strategy aimed specifically at future leadership continuity.