Succession Planning: The Right People, For The Right Job, At The Right Time

Today's environments are changing rapidly that organizations are facing serious unpredictability and uncertainty, which sometimes causes instability in the business operations. In this dynamic environment, organizations need to rely on the most important assets: their people. Today's businesses must have the right people in the right jobs at the right times. They cannot afford to be without either enough people or the right people who can quickly fill a key role that could become vacant. Organizations need to strategize to motivate and connect their employees in order to create competitive advantage and achieving higher profitability. Organizations may consider methods like succession planning and management to promote their employees’ knowledge, skills, talents, and capabilities to tackle problems created by the challenging environments. An effective succession management is one of the best ways to build competitive advantage by ensuring steady and uninterrupted supply of required talent for the various management levels in the organization. Modern succession management is not only about finding replacement for top-level managerial roles, but it's also about finding the right talent and preparing them for the next role at all levels of management in the organization. The present paper is an attempt in identifying the risk involved in succession management process, how to develop a plan and to integrate succession management with business strategy and policies.