Succession Planning Practices and Challenges: Study of Indian Organisations

• Published in: Procedia economics and finance 2014, Vol.11, p.152-165
• Main Authors: Pandey, Suruchi, Sharma, Deepesh
• Format: Article
• Language: English
• Subjects: HIPO (high potential); Succession planning; Talent Management
• ISSN: 2212-5671; 2212-5671
• DOI: 10.1016/S2212-5671(14)00185-3

Succession planning is a key in the current scenario of tight talent markets and competitive times. Strengthening talent has a direct impact on bottom line results and contributes to organizational growth. Hence development at talent level is a must for overall organizational development. The present study focuses on current practices and approach of succession planning followed by the industry. The study is based primary data collected as a feedback on on parameters related to succession planning practices in the across various industry organisations. In the study group, all companies had some or the other activity in bracket of succession planning. It hence becomes necessary that these positions are filled as soon as they become empty so that business doesn’t suffer any loss. This enabled us to compare, hence benchmarking against certain criteria was done. Benchmarking succession planning based on various factors like HIPO (high potential) identification, Scope of planning, talent pool creation, automation, and linkage. GAP analysis was done to identify the various GAPS in the process. Based on all the observations, business recommendations were provided.