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Question

A multinational bank has listed the following reasons for succession planning and intends to formulate a strategy.

Adapting to demographic changes and talent scarcity.

Identifying skill gaps and training needs.

Boosting morale and retention by investing in employees.

Replacing highly specialized competencies.

You have identified several factors as follows that you may consider while devising a succession planning program.

Scope of succession planning

Implementation team.

A match of talents to tasks.

Job design and skill complements.

Standards and metrics.

Plans for successful transitions.

Alignment of existing practices

Considering the above factors, analyze and present a brief succession planning program by incorporating utilization of HR functions such as Training, Development and Career Planning.

Step-by-step answer

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