Succession Planning and Corporate Survival: A Study of Selected Nigeria Firms

Abstract

This study examines the effect of succession planning on the survival of Nigeria firms. The purpose of the study is to determine whether there is effective succession planning policies in Nigeria firms and the extent it has contributed to their survival. The population of the study is the total staff of five blue-chip companies from different sectors in Nigeria Stock exchange while the sample size was extracted from the population using Taro Yameni. Weighted mean and Z-test are used as method of analysis and hypothesis testing. The result of the study revealed that There is presence of succession plan policies in Nigerian firms; There is significant positive relationship between Mentoring and survival of   Nigerian Firms; that delegation of authority has significant relationship on the survival of Nigerian firms; that there is significant positive relationship between employees /talent retention and Survival of Nigerian firms; that Employees development has significant positive impact on survival of Nigerian firms; and that there is significant positive relationship between internal recruitment and survival of  Nigerian firms. In view of the above findings, the study concludes that succession planning is the fulcrum on which survival of organizations revolve.  The study therefore recommends that Nigeria firms should give more serious attention to succession planning policies; That mentoring though an old-long business survival strategy should be seen as very relevant succession planning tool; that adequate and effective communication between and among the parties involved in mentoring can go a long way in reducing the incidence of lack of trust and dishonest tendencies in the parties involved; that delegation is very essential in maintaining the day to day running of an organization hence leaders should delegate adequate responsibility to their subordinate in the organization; that Organizations should map out training programmes (both on the job and off the job) so that subordinate should have adequate knowledge and skill required for  all job positions; that Organization should Endeavour to recruit internally for effectivity and efficiency; that Organizations should Endeavour to retain their staff and reduce the incidence of labour turnover