An Assessment of Banking Succession Planning in Ensuring its Continuity
This study was carried out to evaluate the implementation of succession planning in ensuring continuity. Although, succession planning is essential to the future survival of organizations, in most cases organizations continue to select the leaders through crisis management. Many organizations in Tanzania are reluctant to have formal succession planning and do not have resources to invest in succession planning implementation. This case study was conducted at Mkombozi Commercial Bank Plc. The implementation of succession planning was evaluated in terms of objectives, top management participation and support, needs-driven assessment provision of mentoring programs, focus on individual attention and extension to all levels of the organization. The study employed questionnaire and interview in data collection. The data were analyzed using descriptive statistics such as percentages and means. The results of study showed that majority of the respondents are highly satisfied with the way succession planning is implemented in their organization. For a successful implementation of a succession plan; whether formal or informal, management support is important from its initial stages. Provision of mentoring services and involvement employees at all levels ensures the continuity of succession planning. It is recommended that before drafting succession planning policies and procedures it is important for an organization to clearly define the objectives of succession planning and management.
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