In today's dynamic and ever-changing business environment , people keep changing their jobs frequently. This has created a serious problem for many organisations as it results in two devastating outcomes: the loss of talented team members and hasty promotion of individuals not suitable to climb the organisational ladder. This is where organisations need to understand the relevance of succession-planning strategy as a key component as it helps to retain and develop talent within the organisation. Replacement planning does play an important role in succession planning, but the majority of succession planning activities should revolve around training and developing the pool of individuals chosen as candidates to move up in the organization. Succession planning strategy is an important component to HR. This is a process in which an organization recruits, hones and develops employees to fill vacancies. Some of the key elements required for a good planning strategy are:

Adopt a mixture of both 'building' and 'buying' of talents to meet the strategic vision and goals of the organisation. 'Buying' talent enables one to keep pace with the rapidly changing technology, create and bring new and fresh ideas and compensates for skills or attributes that might be lacking in the existing team.Indeed it is a very expensive affair. But it is not free from criticisms as well. 'Building' talent helps to identify the talents to meet the company needs. Through this the company can save its money and also enhances employee morale and responsibility.A good succession planning strategy includes keeping track of averall talent availability, retention and grooming. This helps in identifying and sourcing talents for key positions. It must be solely based on skills, attributes and knowledge of the employee.Career mobility is another key aspect of succession planning strategy and is a tool employed for flourishing genuine talents.

While looking for successors, make sure they get the right kind of experiences needed to lead , not just to manage. Inspite of giving challenging assingnments for developing technical skills also make sure to enhance their leadership abilities through exernal training, coaching and mentoring. Above all, it should be flexible enough to meet the future needs as the future is and will always be unpredictable . Thus recruitment, developing skills and knowledge, and readying employees for future jobs are all components of succession planning.The success of every organisation lies behind a good succession planning strategy.

.