In Workday, which of the following best describes ‘Succession Planning’?

Succession Planning in Workday is primarily focused on identifying and developing future leaders within an organization. This process ensures that there are qualified individuals ready to step into key roles as they become available, thereby supporting organizational stability and leadership continuity.

Through succession planning, organizations can strategically assess their current talent pool, determine potential leaders based on performance and development needs, and create actionable plans to prepare these individuals for advancement. This not only strengthens the leadership pipeline but also enhances employee engagement and retention, as individuals see a clear pathway for career growth.

The other options refer to different functions that are not aligned with the concept of succession planning. For instance, financial forecasting pertains to budgeting and financial management, employee well-being focuses on health and support programs, and attendance management relates to tracking employee presence and time off. Each of these serves distinct purposes within an organization but does not encompass the leadership development aspects that are central to succession planning.