EXPLORING AND DESIGNING AN APPROPRIATE SUCCESSION PLANNING MODEL

"Building a deep leadership pipeline is a priority for any progressive and growthdriven organisation as it is a critical element towards building a lasting institution which outlives its founders." As rightly said by Rituparna Chakraborty, Co-founder and Executive VicePresident, TeamLease Services, Succession Planning is one of the major concerns of today's business organizations. Succession planning is a talent management process that builds a pool of trained workforce who are ready to fill key roles when leaders and other key employees step down. Succession planning relies on a large pool of talented workforce ranging from entry-level to senior leadership who are being prepared for key roles. These employees have the right skills, energy and leadership qualities that will benefit the company across a spectrum of roles, departments and seniority levels. Organizations with succession planning programs in place foster a talent-oriented culture by recruiting skilled employees and top talent. Once recruited, businesses focus on developing these employees' skills, expertise and knowledge so they are prepared to take on leadership roles in the event of organizational growth, talent loss or management turnover. This research study focuses on exploring the most appropriate succession planning process and thereby designing an industry-specific model.