Succession planning a need or a necessity – A global perspective

Today‘s environment is changing rapidly that the organizations are facing serious unpredictability and uncertainty, which causes instability in the business operations. Apart from this today‘s workforce is growing older. As of January 1, 2011, the first Baby Boomers, those born between 1946 and 1964, turned 65, and approximately 10,000 more will continue to do so every day for the next 20 years. Inorder to overcome these issue the organizations has to identify the key areas & key positions and see that they are kept filled. In this concern raises the question of succession planning & its implementation. This papers emphasises on the importance & role of succession planning in the organizations. Also highlights the extent of succession planning in the organizations in the select countries by focusing on the various research and recent surveys through out the globe.