Wednesday, February 18, 2009

Succession Planning:Its importance in today's corporate world

As economies around the world are crumbling,India too is struggling to find a foothold.Corporate houses are facing a sea of changes on day today basis.We have seen IT giants like Satyam crash in a matter of days and along with it bring down thousands of aspirations and a nation's name.To overcome such averse situations India needs strong corporate houses with a visionary leadership.Succession planning helps in maintaining the momentum when a company is going through leadership change as in when the existing CEO lefts,succession planning helps in maintaining a pipeline of eligible people who will succeed the CEO.This enables a smooth running of business.

Axis Bank today is struggling to find an able successor to Mr Pangal Jayendra Nayak,61,who will hang up his boots very soon.