Strategic Succession Planning
Strategic Succession is a systematic process of transferring leadership ownership or control of a business from one generation to another. Ideally the successor will fill the role of the predecessor, being fully compatible with the entity and perfectly function without interruption (Susan, 2011; Gature et al. 2013). Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. This study defines strategic succession planning as a systematic process of developing leadership talents within the organisation who are potential to fill leadership positions in the business for sustainability.
2.3.2 Succession planning theories
In this study besides using trait and behaviour theories, Succession planning has theories which guide the business growth and sustainability. The following theories have been summarized as they contribute to leadership succession …show more content…
It implies that employees are reluctant to organizational changes. Thus, it does not encourage innovation. Many organizations are using theory Y techniques. Employees are given opportunities to contribute to organizational sustainability. Therefore, theory Y encourages decentralization of authority, teamwork and participatory decision making in an organization. Theory Y searches and discovers the ways in which an employee can make significant contributions in an organization. It harmonizes and matches employees’ needs and aspirations with organizational