Abstract
Succession planning is becoming a focus point for discussion in business world as very few organisations are prepared with their successors for occupying the position as and when it is needed. With special reference to Indian pharmaceutical companies, where talent is critical and rare in nature, this becomes a more crucial requirement. This paper, by integrating theory of Internal Labour Market (ILM), deals with the relationship among talent identification (TID), talent development (TD), talent retention (TR), and succession planning in Indian pharmaceutical companies. A survey method was used for collecting the response of senior level managers of pharmaceutical companies located in Hyderabad, India, and the hypothetical model and structural relationships were tested via structural equation modelling (SEM). The findings of the research present that TR plays a role of mediator in the relationship of TID, TD and succession planning in organisations. This study helps pharmaceutical companies to be future ready for succession planning by using their regular talent management strategies skilfully. This study beautifully develops an empirical relationship between TID, TD, and succession planning with the mediating effect of TR. Research also brings out the theoretical importance of ILM theory. This, as per best of researchers’ knowledge, was not presented in earlier research on talent management or on succession planning.
Highlights
Succession planning encompasses the identification of key organisational resources (Orellano & Miller, 1997) as per the organisational requirement (Hall, 1986)
The findings of the research suggested that the perception of employee about talent development activities has the link with their perception about their opportunities for career growth in the company
The results have shown the contribution of talent management strategies (TMS) in the success of succession planning
Summary
Succession planning encompasses the identification of key organisational resources (Orellano & Miller, 1997) as per the organisational requirement (Hall, 1986). Succession planning helps in developing leaders and retaining the talent pool for companies (Bolander et al, 2017). It becomes more relevant being on time in terms of occupying the right position at the right time especially for leadership positions in pharma companies (Leslie & Palmisano, 2014). There are various reasons to find the gap between the requirement of leaders and actual availability of people to fill that gap (Leibman et al, 1996) In such case, the need for developing and retaining the best talent becomes the strategic goal for all companies. The way is through talent management strategies (TMS) − talent identification (TID), talent development (TD), and talent retention (TR) for leadership positions (Jindal & Shaikh, 2017)
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