*Reader, Department of I.M.S.A.R, M.D.University, Rohtak, Haryana, India
**Assistant Professor, Department of Business Management, Shri Ram College of Engineering & Management, Palwal-121105, Haryana, India
***Lecturer, Department of Business Management, Shri Ram College of Engineering & Management, Palwal-121105, Haryana, India
Online published on 24 September, 2012.
In the present scenario, succession planning is not a new phenomenon. Today’s organizations are facing higher demands in a global market with the retirement of the Baby Boomers and the widening talent gap. Companies need to upgrade and redefine their succession planning initiatives to ensure that their process will benefit both the individual and the overall strategy of the company. Now days, with the help of succession planning, companies are gaining support from senior executives, ensuring a “performance culture” and establishing a company-wide program. This research paper discusses the how succession planning makes a formal approach for career development. It also discusses the different aspect of challenges of succession planning with special emphasis on Essar group as well as UPS group.
Succession planning, Career development, organization, Performance
