Cultivating Tomorrow's Leaders

An important feature of business organization is that it has perpetual existence, i.e. continuous to function and operate for longer duration. However, top management including managers, executives leaves the firm due to various reasons like death, age of retirement, better opportunities, etc. Succession planning is a process which involves identifying the appropriate employee or person who shall be probable successor to key or senior level position in an enterprise whenever such post shall be vacant. Succession planning simply means process of passing or transferring the control, i.e. ownership and management to the successor. Succession planning aims to identify suitable person who is expected to occupy the important post in future. Succession planning helps organization to train and prepare the successors in order to match the individual potential and capabilities with the work requirements. Effective succession planning creates sense of belongingness and worth of merit in the organization. The process is inevitable for the continuity of the organization.