Why is career development/succession planning an important component of an organization’s strategic plan ?

There are several reasons for this. First, the availability of career development planning is a strong motivator for existing employees to perform and to stay with the company. It also helps to attract new talent by offering a potential for upward mobility. Next, it helps the company to expand the capabilities of existing staff reducing the costs of recruiting and training. Additionally, career development can unleash hidden talent in employees that can benefit the company.