Cyber Times International Journal of Technology & Management

In present global economic scenario survival, profitability and performance in terms of market share and revenue earning are major concern for any organization. For many companies,  employees turnover, identification of talent, competent managers, their retention and development are the emerging challenges. Several studies indicate that succession management is recognized as a high priority by many top level leader. At the broadest level, the growing talent mismatch will intensify search for high-valued skills and knowledge-based talent will be the key differentiator in coming years. Higher sales growth can be seen where succession management was extended from Top Management (2.7% increase in sales growth), to Critical Talent (3.2 % increase), to Middle management (14.2 %increase) then to all employees (13.0 % increase) (Cedar Crestore 2008-2009, HR System Survey). [5] The process of succession management process starts with proper alignment with strategy of the organization. Succession management process enhances employees’ competencies by identifying talent through various methods to identify high potential employees like strategic replacement, job rotation, lateral shift, special assignment and interview.