Full Project – Effect of succession management on the survival of corporate organizations
Effective succession management provides long-term sustainability, guarantees the survival of business and ensures capable and trained officials are in the organization. Many of the world’s renowned organizations with the most longevity have their success rooted in effective succession management; these great companies begin planning their exit strategies right at the start of their appointment (Ohuabunwa, 2019). Employees are bound to leave the organization through departures or retirement therefore; organization needs candidates who are qualified for key roles when positions become vacant. Not only does an organization lose skills when an employee departs, but it also loses valuable organizational knowledge. Succession management not only helps to ensure that there are candidates willing and able to step into the role of a departing employee, but also support strategies for knowledge transfer before a departure occur (Flynn, 2017).
Despite the benefits of succession management, many corporate organizations neglect planning for succession, they lack the skills to effect a smooth transition of leaders leading to the collapse of the organization soon after the demise or exit of the key players (Sikinon, 2018). They fear losing control to their subordinate and believe that the product of all their hard work can be in ruin without their presence because of this transition is marred with bottlenecks. Proper planning helps to avoid many glitches associated with succession and transfer of ownership (Eru, 2019).
Obadan & Ohiorenoya (2013) opines that doing nothing about succession management is quite disastrous for organizations. Many transport organizations view it as an expense, rather than investment. Without adequate successor in place, the next generation of leadership and management of firms cannot maintain its character, let alone surviving. According to Dauda (2016), most of the world admired states and corporations have achieved longevity because their Chief Executives Officers (CEO) starts planning their departure right at the beginning of their appointment. This seems to make sense because all the CEOs will ultimately come and go, and how that is being done has a profound effect on their corporations, which may largely determine the difference between extended periods of failure and success.
This study therefore examined the effect of succession management on the survival of corporate organizations with particular reference to some elected businesses in Lafia Metropolis.
Succession management is a looming problem faced by many corporate organizations in Nigeria. As their organizations grow, they are confronted with problem of continuity. Lot of these organizations are unable to achieve their objectives due to inefficiency in succession management; lack of planning, poor staff mentoring and incompetent employees who will succeed them after the retirement, resignation, death, incapacitation or termination of key players. These may lead to instability, discontinuity and eventual closed down of business.
It is noticeable that despite the changes and developments in the business environment, some firms still consider succession management as a time wasting exercise on the premise that the future is uncertain and would in any case, take care of itself. Many firms do not have adequate succession plans that can cope with the large number of aging and retiring founders or executives (Rubin & Illia, 2017 in Ofobruku & Nwakoby, 2018). These few examples depict how the business world is also confronted with succession issues. Yet, it is known that the success of an organization is connected to the adequacy of its leadership progression that stems from succession strategies such as talent identification and internal leadership development (Sobol, Harkins & Conley, 2017).
Consistency in the leadership through effective succession management gives assurance of organizational survival. A leader who does not understand the strategies in place before the assumption of office may make decisions that will disorganize an already working strategy. Many business owners are yet to view succession management as a key contributor to the stability and continuity of their organization. They have very poor attitude to retirement, neglecting the need to mentor employees who will continue the business in their absent. These have led to the liquidation of many well known corporate organizations in Nigeria.
As a result of the above stated problems, this study will therefore examine the effect of succession management on the survival of corporate organizations with particular reference to some selected businesses in Lafia Metropolis.
The main objective of the study is to examine the effect of succession management on the survival of corporate organizations using some selected businesses in Lafia Metropolis.
The specific objectives are:
- To examine the extent of relationship between succession management and organizational survival in some selected businesses in Lafia Metropolis.
- To assess how effective succession management can yield business continuity in the study area.
- To examine extent of relationship between mentoring and business continuity in selected Businesses in Lafia Metropolis
- To examine the challenges affecting the survival of corporate organizations as a result of ineffective succession management in some selected businesses in Lafia Metropolis.
- To determine the importance of succession management on the survival of corporate organizations.
- To what the extent is the relationship between succession management and organizational survival in some selected businesses in Lafia Metropolis?
- How effective can succession management yield business continuity in the study area?
- To what extent is the relationship between mentoring and business continuity in selected Businesses in Lafia Metropolis?
- What are the challenges affecting the survival of corporate organizations as a result of ineffective succession management in some selected businesses in Lafia Metropolis?
- How important is succession management on the survival of corporate organizations?
The findings of this study will enable corporate organizations in Lafia Metropolis to view succession management as a key to the stability and continuity of their organization and since ineffective succession management has jeopardize the survival of most businesses in Lafia Metropolis.
The outcome of this study will serve as an eye opener to corporate organizations in Lafia Metropolis as it will enlighten them on the importance of succession management.
The ability of the organizations to manage their succession properly makes them a more competitive employer, improve retention and help to preserve valuable organizational knowledge.
Future researchers will also benefit from the study, as the study will serve as a reference material to other researchers who will want to carry out further research on the effect of succession management on the survival of corporate organizations.
The study focused on the effect of succession management on the survival of corporate organizations and is limited to some selected businesses in Lafia Metropolis.
This study is limited to some selected businesses in Lafia Metropolis which is the case study for the research work. An obvious limitation to this study was financial constraints, this study proved to be very demanding on the researcher because of the need to source for materials from the selected businesses in Lafia Metropolis.
Succession Management: It is a process, which involves the planning, selection and preparation of the next generation of managers, transition in management responsibility, gradual decrease in the role of previous managers and final discontinuation of any input by the previous manager (Erven, 2017).
Corporate Organization: Is a group of people brought together for the purpose of achieving certain objectives.
Organization Survival: is successful organization which is capable of achieving their objectives and goals and maintain it over a long period of time (Nwosu, 2014).
Mentoring: is a process whereby an experienced, highly regarded, empathic person (mentor) guides another individual (the mentee) in the development and examination of his or her own ideas, learning personal and professional development.
Business Continuity: a management discipline that ensures an organization has in place the appropriate measures and plans to: reduce the like hood that an incident will prevent the organization from serving its customers, reduce the impact of business if incident occurs, recover from the incident and allow the organization to continue serving its customer whilst it recovers from the incident
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Full Project – Effect of succession management on the survival of corporate organizations