Succession Planning

Succession Planning  In the present day highly competitive environment, the most important asset for an organization is its manpower which is a major factor in differentiating a highly successful organization from an organization which is struggling. Successful organization uses succession planning to develop and maintain strong leadership in all the critical positions and to ensure that this leadership has all the skills and competencies needed for the success of the organization in the environment under which it operates. An organization cannot have strong and capable employees in every critical position by concentrating its efforts only on recruitment and training. For this a systematic approach to succession planning is needed. Succession planning is perhaps a necessary component of the management efforts in building the organization and it helps tremendously the organization in achieving its strategic goals. Unfortunately, planning for succession is often overlooked or occurs when it is too late i.e. after key people have left the organization and there are no right internal candidates to fill the key positions. However If the organization executes succession planning in a right way then it fully prepares the identified personnel to step into positions left vacant because of retirement and general attrition. The primary task of succession planning is to plan a sequence of personnel moves so that candidates for key positions are known in advance of actual need. This prior identification permits opportunities for mentoring and developmental activities to improve a person’s readiness to succeed to specific positions. It also provides concrete decision making information necessary to minimize the chance of poor selections or the adverse impacts of unforeseen vacancies that can disrupt the continuity of proper management of the operations in the organization. Succession planning is a process whereby an organization ensures that employees are...