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

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

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