| This study outlines the benefits of succession planning, employee career development, and the potential synergies of integrating the two concepts. Current literature supports that succession planning and career development should be an integrated process. Employers and employees share responsibility for development and work together to create a mutually beneficial environment. As the global economy grows and changing demographics create a labour shortfall, there is increased competition for skilled employees. Organizations must place more emphasis on talent management: the retention, development, and utilization of Human Resources. This action research study, which included interviews and a review of current literature, has shown why succession planning is integral to organizations, the contradictory fact that many organizations, including Lafarge, do not yet have robust succession management strategies in place, and a discussion on potential barriers to implementing succession plans. The study outlines potential strategies for implementing an integrated talent management process for Finance professionals. |
