Abstract
Succession planning is a vital element in the current scenario of tight managerial transition process in competitive business environments. Identifying and developing potential successors for key positions in an organizations through systematic evaluation process and training of competent employee for transition processes is fundamental for the success of every organization. Often time, the least qualified person or unprepared person to fill the vacant position takes over the leadership thereby leading the organization into corporate oblivion. This paper reviewed the roles of succession planning in the process of replacing key positions in an organization. From the review, many organizations experience breakdown as a result of poor succession planning whereas corporate succession planning is essential for any organization that is on the trail of achieving excellent managerial transition. This therefore recommends the establishment of effective succession planning in order to enhance organizational success. Nigerian companies must also ensure the introduction of succession planning as a matter of deliberate policy and build it into their strategic plan which must be reviewed regularly.
Highlights
The essence of succession planning is to ensure effectiveness of managerial transition process in corporate organizations for risks associated with the planned or unplanned loss of knowledge that is critical to the success of the organization.[1] described succession planning as the identification and development of potential successors in an organization which planning prepares for future critical vacancies of management positions by forecasting the talent necessary for these roles to provide the groundwork and understanding of the characteristics needed to maintain an organization’s strategic plan
[2] Succession planning model develops employees to ensure that the organization has highly qualified employees who are capable of filling critical positions
This review showed that succession planning is unarguably an essential factor that every organization with sustainability in mind must focus on and it requires managerial supervision and devotion of resources on a rolling basis
Summary
The essence of succession planning is to ensure effectiveness of managerial transition process in corporate organizations for risks associated with the planned or unplanned loss of knowledge that is critical to the success of the organization.[1] described succession planning as the identification and development of potential successors in an organization which planning prepares for future critical vacancies of management positions by forecasting the talent necessary for these roles to provide the groundwork and understanding of the characteristics needed to maintain an organization’s strategic plan. [2] Succession planning model develops employees to ensure that the organization has highly qualified employees who are capable of filling critical positions. The essence of succession planning is to ensure effectiveness of managerial transition process in corporate organizations for risks associated with the planned or unplanned loss of knowledge that is critical to the success of the organization.[1] described succession planning as the identification and development of potential successors in an organization which planning prepares for future critical vacancies of management positions by forecasting the talent necessary for these roles to provide the groundwork and understanding of the characteristics needed to maintain an organization’s strategic plan. [5] Observes that succession planning from an organizational viewpoint comprises risk assessment in key positions, minimizing risk through appropriate compensation, recognition and management, and assuring the readiness of successors by identifying and training high potential employees. This review discuss the impact of succession planning in managerial transition process
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