How Succession planning benefits to companies in skill shortage period
Succession planning can be elucidated as an organization’s brilliant tactics to deal with crisis of talent as well as inevitable loss may occur in future. Multinational companies with succession plans have created contingencies to effectively combat with present and future losses. Simple putting from management angle, succession planning denotes to right people at the right time. It is a continual process of recognizing future experts and business leaders in a company and develop them in order to effectively play the leadership role in skill shortage period. In the age of globalization and intense monetary challenges, business leaders face lots of issues to achieve their goals. Identifying great talent and retaining good staff is top most issues for all types of companies in today’s competitive business environment. In knowledge driven economy, companies have fear of this brain drain and suspect that when qualified professionals quit then how they will create the next lea...