Succession planning is the process of:

Succession planning is a strategic HR process designed to ensure that an organization has a continuous supply of qualified and capable employees to fill critical roles as they become vacant, whether due to retirement, promotion, or departure.

Option B: Identifying and developing future leaders is correct. Succession planning involves proactively assessing current talent, identifying high-potential employees, and providing them with the necessary training, development, and experience to prepare them for future leadership or key positions. This ensures organizational continuity and reduces reliance on external hiring for crucial roles.

• Option A: Firing underperforming leaders is part of performance management, not succession planning, which focuses on future readiness.
• Option C: Outsourcing CEO recruitment involves external hiring, whereas succession planning emphasizes internal talent development.
• Option D: Reducing management layers is an organizational restructuring strategy, distinct from the process of preparing individuals for future roles.