The paper "Importance of Talent Management for Succession Planning" is an outstanding example of a management research proposal. This research intends to find out the importance of talent management for developing a successful succession planning program. The researcher proposes to use secondary data search and qualitative research methodology to support his/her thesis hypothesis. The secondary data search would help the researcher in gathering information about the existing practices in developing succession planning and finding out whether talent management is a part of these succession planning programs, whereas, the qualitative research survey would help the researcher in identifying whether his/her thesis hypothesis is correct. Although, initial research reveals that talent management is an integral part of developing a comprehensive succession planning program, the applicability of the same needs to be measured.
Thus, the researcher through this paper intends to find out whether corporates implement succession planning effectively or just use it as a strategy for the purpose of employee engagement. Introduction The contemporary corporate world is facing the daunting problem of the high volume of outbound talent and the low-level availability of skilled labour, which has resulted in the need for developing succession plans through a comprehensive talent management program.
In this research paper, I would be highlighting the importance of talent management for succession planning. I would also discuss whether organisations can really benefit from workforce planning and if identifying planned turnover, attrition and retirement planning at an early stage, can help in implementing succession planning successfully. My research would also identify if corporates implement succession planning as a part of their company policy or just use it as a strategy for employee engagement. Furthermore, my research would also try to analyse whether, in this current job environment of skills shortages and globalisation, talent management and succession planning can help in retaining or providing business continuity programs in counties such as Australia. A recent report, ‘ Growing Global Executive Talent’ , published by Development Dimensions International and Economist Intelligence Unit, highlights that talent awareness is not enough and business performance is likely to suffer due to a lack of talent.
This concept has been further strengthened by Aberdeen’ s recent study of more than 9,000 organisations – The Looming Leadership Void: Identifying, Developing, and Retaining Your Top Talent – which reveals that less than 50 per cent of the organisations surveyed have a succession planning strategy in place.
These research reports further indicate that companies around the world are aware of the fact that they need to improve their workforce and manage their talents to safeguard their companies against talent crisis and ensure business continuity. However, this awareness is not resulting in concrete steps or formulation of actual succession plans. It has also been found that although most companies rank talent management high in their business priorities, they do not translate this claim with concrete action plans.
Therefore, many organisations do not have talent strategies to retain their workforce. Thus, my research would study these reports to understand why the corporates lack proper succession planning and how managing talents can help in building a robust succession plan for the companies. I would also discuss how effective talent management system can help in developing a successful succession planning module, which would, in turn, ensure that business does not suffer from talent crunch.
Furthermore, my research would also try to find out whether a talent management plan based on succession planning would help companies to retain their staff and increase the efficiency of the staff in the long run.
‘Growing Global Executive Talent: High Priority, Limited Progress’, 2008, Development Dimensions International, Inc, viewed 20 November 2008,
‘The Looming Leadership Void: Identifying, Developing, and Retaining Your Top Talent’, November 2007, Aberdeen Group, pp. 2-16.
Apartoglou, Christos 2005, ‘Leadership Succession Planning: Building Bench Strength Through Integrative Talent Management’, Spring 2005, HARRT Quarterly, The University of California, pp. 1-5.
Denzin, Norman K. & Lincoln, Yvonna S. (2005). Introduction: The discipline and practice of qualitative research”. In N. K. Denzin & Y. S. Lincoln (Eds.), The Sage Handbook of Qualitative Research (3rd ed.), 1-32.