The process of deciding how to fill executive positions at a firm is known as ____.

Succession planning is the correct term for the process of identifying and developing potential internal candidates to fill key executive positions within a firm. This strategic initiative ensures that the organization has a pipeline of qualified individuals ready to take on leadership roles as they become available, thereby minimizing disruption and maintaining continuity in management.

Succession planning involves evaluating the skills, experiences, and leadership capabilities of current employees and providing them with opportunities for development so they can advance into these roles when necessary. It is crucial for long-term organizational stability and growth, as it prepares the company for inevitable changes in leadership.

The other terms, while related to human resources and employee management, do not specifically describe the focus of filling executive roles. Personnel planning generally deals with staffing needs and workforce size, talent acquisition is more about attracting and hiring talent for various positions rather than specifically preparing for future leadership changes, and workforce development encompasses training and employee skills enhancement across the organization, not exclusively aimed at executive succession.