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date: 08 August 2020

Abstract and Keywords

Creating a strong talent-development plan is essential to strengthening and sustaining the most important organizational resource, its talent. Succession planning, as part of a broad talent-management strategy, has long been considered a key tool for ensuring talent replacement. Although there is an increasing understanding of the relationship between talent and organizational performance, we still know little about the process involved in replenishing and sustaining talent. In this chapter, we lay out what we know, what we do not know, and what we speculate regarding the succession-planning process. This provides direction for academics and practitioners to think about how to maximize talent management by extending prior research and embarking toward stronger, more robust, systematic, succession-planning processes. We use a brief literature review to identify the current knowledge concerning succession research. Finally, we present findings from recent surveys on the succession-planning process.

Keywords: talent management, succession planning, decision making, CEO succession, stars, workforce planning, TMT configuration, human capital, human capital resources, talent

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