Succession plans are used to address the inevitable changes that occur when employees resign, retire, are fired, get sick, or die.
They make sure the businesses are prepared for all contingencies by identifying and.training high-potential workers for advancement into key roles.)Succession planning is the process of shaping the future managerial needs of organization and developing the skilled pool of employees to meet up the potential needs of the organization. It is not pre-decided that who will chair or help for. Specific position but succession planning activities ensures that. Individuals have a chance to capture the key positions.When they arise.
Succession planning helps to identify, train and retain the individuals to fill the key position that are essential for achieving the existing and projected business objectives. (Ali, 2014)Succession plans have been mostly associated with the exit of executive personnel of organizations such as the CEO. A change in.CEO can essentially alter the knowledge, skills, and collaboration processes at.the top of a company.
Eventually, this change will affect the general performance of the company. There are two main theories to succession plans; .buying talent or building talent. Buying talent is more often associated with outside successions whilst building talent is associated with inside successions. (NASSOR, 2013)Different people have different point of view about succession planning programs. For some it is more of an organization-wide strategy. Succession planning ensures that an organization has the.right people at the right time for the right jobs .
The banks. Has a high staff turnover rate .Lack of feeder system like succession planning creates disappointment among employee which decreased performance and retention rates.)Employees are more satisfied when they feel they are rewarded honestly for the work they do and that the rewards are for genuine contributions to the organization and consistent with the reward policies.
(The prize may include a variety of benefits and privileges other than monetary gains. Employees with higher job satisfaction are important, since they believe that the organization has a fabulous future and in the end, it would care about the quality of their work.) Hence, they are more committed to the organization, have higher retention rates and may tend to have higher output. Committed employees are more likely to perform beyond the call of duty to meet customers’ needs and are highly motivated to work to the best of their ability. Committed employees remain in employment of the company longer, repel competitive job offers, do not actively look for other employment and indorse the company to others as a good place to work. (Eshiteti, 2013)The key to the future success of an organization is determined by how the situation assesses and understands the value of the people it has and what resources it will need in the future. (Sindisiwe Bonisile Maphisa, 2017)Succession planning generally involves three major steps, understanding the institution’s long term goals and objectives, identifying. The workforce’s evolving needs in the institution, and determining workforce trends and predictions in direct relation to the type of institution (Kraai, 2015).
BibliographyAli, Z. (2014). Impact of Succession Planning on Employee’s Performance:. European Journal of Social Sciences, 9.Eshiteti, S. N. (2013).
Effects of Succession Planning Programs on Staff Retention . Rome: MCSER-CEMAS-Sapienza University of Rome .Kraai, V. (2015).
SUCCESSION PLANNING A DEVELOPMENTAL TOOL FOR DEVELOPING. 94.NASSOR, A. T. (2013). SUCCESSION PLANNING AMONG COMMERCIAL BANKS IN KENYA. 66.
Sindisiwe Bonisile Maphisa, B. K. (2017). SUCCESSION PLANNING AND STAFF RETENTION CHALLANGES.