REVIEW OF EXISTING PLANS, MODELS STRATEGIES OF SUCCESSION PLANNING

ABSTRACT Every business has a life cycle. It talks of initiation, growth, maturity, sustaining, decline and decay. Sustaining the business leads to the conception of organisational survival and organisational survival is argued to be the primary objective of any organisation other than making continuous profits. Succession planning focuses on manpower planning activities involving identifying and developing people to take up key positions when the positions become available. Also there is no rule book existing for succession planning, yet there are models and strategies, of which one or more, if followed can be the succession plan for any organisation. This paper discusses the various models, plans and strategies for succession planning as well as encompasses the benefits of the same.