The Impact of Succession Planning On Employee Retention: A Case study of S&P Global Pakistan PVT LTD”

Abstract

The impact of succession planning on employee retention: A case study of S&P Global Pakistan PVT LTD Employee turnover rate is one of the greatest challenges, the organizations are facing today and it is very difficult for the organizations to retain its employees. The high turnover rate is threat to the business capability which creates barriers in achieving goals and objectives. This study has focused on the impact of succession planning on the employee retention by keeping in mind the leadership and motivational theories. Succession planning strategies help the organization in retaining the employees in the organization but unfortunately succession planning practices are not done efficiently which results in high turnover rate. This study has focused on M&P limited Pakistan as the area of study. The research philosophy of the research is based upon positivism approach and the approach is quantitative in nature. The research strategy is the collection of data through questionnaires. The sample is selected with the help of non-probability sampling technique and instrument that has been used for the research is the questionnaire. In order to fulfill the objectives of the research, the data has been gathered from primary and secondary tools. The primary tools used for the thesis is the structured questionnaire which is distributed among the respondents and the secondary data is collected from the past papers and literature related to succession planning in employee retention. The data analysis tool involved in the evaluation of the impact of succession planning factors is SPSS. SPSS has been utilized for the purpose of data analysis in a quantitative manner. The hypothesis on the basis of the variables of the study is checked through the reliability test whereas the relationship and the strength of variables is identified through correlation analysis. The findings of the study showed that the succession planning has a direct impact on the employee retention. Three succession planning strategies have been selected including the reward management, talent management and career management out of which the reward .