The Value of Succession Planning for Nigerian Organizations
The Value of Succession Planning for Nigerian Organizations
Elvis Ukpaka | 2015
Abstract
Founders of organizations are typically charismatic and driven individuals who inspire others to get involved. As a result of their commitment, a fledgling idea turns into a full-fledged reality. Then the day comes when the founder announces it’s time for them to move on, says Louise Chatterton Luchuk (2008). But wait a minute, what happens when the Founder or CEO has no time and the opportunity to say goodbye? What happens in an extreme case when he suddenly dies leaving no successor in place? Just recently, I read a book titled, “The Sudden Death of a CEO.” The authors, David Larcker and Brian Tayan, asked: “Are Companies Prepared When Lightning Strikes?” As a business owner, executive, or leader of an organization, this question is not only critical but a fundamental question that every meaningful leader should ask should the unexpected happens. For every football player on the pitch, there is always a successor for him at the bench—waiting to be featured—in the case of injury, fatigue, out of form, retirement or sudden transfer of the player to another club. A football coach knows so well the danger of featuring a player without his replacement on the bench should the inevitable occur. Now, should today’s organization be any different in the midst of stiff competition and where key employees leave or move up higher on the corporate ladder? Should your key staff resign without notice, do you have someone competent with the requisite skill to take over, or start the rat-race of hunting for new employee in the job market while important things that needs to be done keep waiting? Up till now, most organizations in Africa, especially in Nigeria, operate without succession plan in mind. Organizations in Nigeria have to understand the urgent need to implement a robust leadership pipeline that hunts for good talents that can be groomed to replace the retiring leaders. The aim of this project is to propagate the urgency of effective succession planning to ensure business continuity for organizations in Nigeria; Preparing people appropriately to step up to leadership roles; Help organizations identify talented employees and provide structured career development opportunities to enable them to take on higher level and broader responsibilities; finally help the organizations attract and retain the top talent they need to meet their current and future objectives. This project is designed to be a Two-Day Seminar, packaged specifically for all management professionals with an interest in ensuring business continuity and improving performance, motivation and loyalty of employees. It is going to be an essential course for Executives, Business Owners, Directors, Senior Managers, HR Professionals, and Departmental Heads.