Effective Strategies for Talent and Succession Management in Corporate Firms

Abstract

Succession Management is one of the most discussed strategic issues in Family as well as professional business organizations. It is linked with talent management interventions and strategic intent of the corporate firms.

The present study aims to explore and describe the succession strategies prevalent in corporate firms in line with assurance of talent pool availability so as to achieve business continuity in long run. Primary data has been collected in the form of structured questionnaire from mid and top level HR professionals working with registered firms in India Data has been collected from both Group affiliated Firms (GAFs) and Standalone Firms (SAFs).A descriptive statistical investigation has been performed to extract different inferences.

This study provides insight that Career Aspiration Management (CAM) and High Potential Talent Management (HIPOTM) are crucial variable related to talent management activities and their linkages with succession activities in Corporate Firms. It helps in ensuring right way to succession planning in corporate firms. This is one of the unique study which attempts to link the succession management with talent strategies utilized by corporate firms. Study signifies the relevance of firm’s involvement in developing the talent pool for potential strategic and leadership roles. HIPOTM is new term coined in the area of succession and talent management.