Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

An Inclusive Study of the Need for Succession Planning Processes and Trends in Organizations


Affiliations
1 University of Petroleum & Energy Studies, Dehradun, Uttarakhand, India
     

   Subscribe/Renew Journal


The process of succession planning and integrating the legacy plays a crucial role in today’s competitive and talented market. The concept of passing on the legacy in a business tends to be a reality with governance tools, proactive planning, and readiness of the current generation to cater to the change as they pave the path for the successors in the business. Transfer of planning and ownership poses to be one of the most challenging factors faced by any business (Raju, 2018). This article entails the analysis of succession planning in organizations, with various success factors contributing to its implementation. This gathered information offers insights into the process of succession planning, factors driving its need or demand, along with different strategies associated with the same. In addition to these, different restraints impacting the implementation of succession planning have also been discussed in the paper

Keywords

Succession Planning, Success, Organization, Strategy, Legacy
Subscription Login to verify subscription
User
Notifications
Font Size


  • Baldwin, M. D. (2000). The strategy of succession planning. Retrieved June 12, 2004.
  • Barr, A. (2020). Navigating the future of family business. KPMG: Family Business Succession Planning.
  • Chittock, J. (2019). Family business. Chile: KPMG Enterprise. Cloud, J. M. (2015). Business succession planning: Cultivating enduring value. New York, US: Deloitte.
  • Cook, I. (2021). Succession planning success: The golden rules for future-proofing your business. Retrieved from https://www.visier.com/blog/ trends/succession-planning-success-golden-rules-future-proofing-business/#
  • Desarno, J., Perez, M., Rivas, R., Sandate, I., Reed, C., & Fonseca, I. (2021). Succession planning within the health care organization: Human resources management and human capital management considerations. Nurse Leader, 19(4), 411-415.
  • DiLorenzo, L., Shaikh, A., Lamar, K., & Clark, E. (2022). Looking beyond the horizon: How CIOs can embed into succession planning. Retrieved from Deloitte. ETHRWorld. (2021). The future of succession planning. Retrieved from https://hr.economictimes.indiatimes.com/news/trends/leadership/ the-future-of-succession-planning/86682506
  • Eshiteti, S. N., Okaka, O., Maragia, S. N., Odera, O., & Akerele, E. K. (2013). Effects of succession planning programs on staff retention. Mediterranean Journal of Social Sciences, 4(6), 157.
  • Government of Newfoundland. (2008). Succession planning and management guide - HR policy and planning division, human resource branch. Newfoundland and Labrador: Government of Newfoundland and Labrador.
  • Guise, J. (2015). Succession planning in Canadian academic libraries. Canada: Elsevier.
  • Harvey, M., & Evans, R. (1995). Life after succession in the family business: Is it really the end of problems? Family Business Review, 8(1), 3-16.
  • Hawksford. (2020). How to overcome succession planning challenges for family-owned businesses. Retrieved from https://www.hawksford.com/knowledge-hub/2020/ succession-planning-challenges-for-family-owned-businesses
  • Jain, S. (2020). What are the types of succession planning? Retrieved from https://blog.mettl.com/types-of-succession-planning/
  • Keskar, P. V. (2013). Succession planning with reference to TATA Groups. Retrieved from https://keskarstudymaterial.blogspot.com/p/succession-planning-with-reference-to.html
  • KPMG. (2018). Family business - Succession & next generation. Canada: KPMG.
  • Margolis, J. (2019). The importance of high-impact succession planning. American Management Association (AMA).
  • Mathis, R. L., Jackson, J. H., & Valentine, S. R. (2015). Human resource management: Essential perspectives. Cengage Learning.
  • McElgunn, T. (2019). Keys to effective succession planning: Talent management special report. Retrieved from https://www.hrmorning.com/ articles/succession-planning-talent-management/
  • Pandey, S., & Sharma, D. (2014). Succession planning practices and challenges: Study of Indian organisations. Procedia Economics and Finance, 11, 152-165
  • Raju, K. G., Saraf, A., Bhambani, P., & Mukerjee, K. (2018). Family, legacy and you: Perspectives on succession planning and business continuity. India: PWC.
  • Rosenthal, J., Routch, K., Monahan, K., & Doherty, M. (2018). The holy grail of effective leadership succession planning. Deloitte Insights, 1-11.
  • SAP. (2017). SAP successfactors succession & development: SAP product brochure. SAP SE.
  • Seniwoliba, J. (2015). Succession planning: Preparing the next generation workforce for the university for development studies. Pearl Research Journals, 10.
  • Shethna, J. (2021). Succession planning strategy. Retrieved from https:// www.educba.com/succession-planning-strategy/
  • Verlinden, N. (2020). Top 12 succession planning tools and software. Retrieved from https://www.aihr.com/blog/succession-planning-tools/

Abstract Views: 206

PDF Views: 0




  • An Inclusive Study of the Need for Succession Planning Processes and Trends in Organizations

Abstract Views: 206  |  PDF Views: 0

Authors

Anusha Thakur
University of Petroleum & Energy Studies, Dehradun, Uttarakhand, India

Abstract


The process of succession planning and integrating the legacy plays a crucial role in today’s competitive and talented market. The concept of passing on the legacy in a business tends to be a reality with governance tools, proactive planning, and readiness of the current generation to cater to the change as they pave the path for the successors in the business. Transfer of planning and ownership poses to be one of the most challenging factors faced by any business (Raju, 2018). This article entails the analysis of succession planning in organizations, with various success factors contributing to its implementation. This gathered information offers insights into the process of succession planning, factors driving its need or demand, along with different strategies associated with the same. In addition to these, different restraints impacting the implementation of succession planning have also been discussed in the paper

Keywords


Succession Planning, Success, Organization, Strategy, Legacy

References