Effect of Succession Planning in Banking Industry

This study sought to analyse the effect of succession planning on organization performance, with a specific focus on bank. The research questions that guided the study included: How has talent management impacted Bank’s performance? What impact has the existing succession planning processes had on Bank’s performance? What are the effects of skills and competencies gap analysis impacted Bank’s performance? Descriptive research design was used in this study. The target population of the study comprised of employees from Bank. The sampling frame was drawn from the Bank Human Resource Department. Simple random sampling technique was employed to select the respondents. A sample size of 92 employees from Bank was used in the study. Study data was collected using structured questionnaires which were self-administered. A pre-test of questionnaire was performed by the researcher to identify their consistency in picking up the right information required for the research. This study used descriptive statistics to analyse the data that was obtained from the field. Regression and correlation analysis were used to determine the nature and the strength of the relationship between the independent and the dependent variables. The results of the study were presented using figures and tables. The study showed that the bank had a systematic approach to attract and retain high performing employees, achieved through talent management which promoted the workforce efficiency and productivity within the bank. Hiring and selection of employees influenced the bank’s performance, as well as their investment in enhancing their employees’ skills and competencies with the aim of meeting the needs of their dynamic business environment. The bank used coaching practices to assist employees to meet organizational goals, and to enhance the performance of its employees. The study revealed that succession planning processes at the bank involved preparing for change in leadership, and it ensure