Importance of Succession Planning and its Connection with Talent Management &Talent Retention amid COVID-19 Pandemic

Abstract

The COVID-19 outbreak has critically exposed the significance of having a sustainable business continuity plan and the necessity of having a succession planning in place that accounts for any emergency and tragedy events. If an organization fails to realize the importance of having a succession planning, talent management practices and proactive talent retention strategies in place, than they might be in a big trouble and this is high time that they must ensure having a succession planning and talent retention strategy and talent management practices on an emergency basis to avoid any future disaster. Succession planning helps an organization to ensure its agility and long term sustainability by identifying, developing, retaining and nurturing the right talents inside an organization so that the employees feel motivated and tend to render greater efforts and longtime services as per their full potentiality and wholehearted commitment towards discharging their duties with a view to uplift and achieve the ultimate mission vision, goal and objectives of a particular organization. Having this practice in place, this way they can see their growth inside the organization and finds themselves in the pipeline for future leadership positions inside the organization. Similarly the employees tends to serve for a longer time in his/her present roles hence the organization can align the succession planning with the talent retention strategy which not only allows the organization to ensure efficiency, long-term business continuity planning, but also minimizing the external hiring and the cost involved with it