Succession planning as a tool to minimise staff turnover rate : a case study of Nedbank Homeloans' KZN Operations.
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This study explores the reasons why succession planning is imperative in an organisation. The study focuses on Nedbank Homeloans’ KZN Operations at the head office in central Durban and includes the views of the office staff about the salient issues in regards to succession planning. A comprehensive literature review provides a background to the study. A number of reasons for the need for succession planning have been provided by various writers, and these constitute the point of departure for the study. The broad themes that impact on the success of succession planning are identified as being the need to retain talent, to develop skills, and to enhance the benefits that can be derived from implementing succession planning in an organisation. In relation to these themes, the main objectives of the study were the following: to determine what benefits the organisation may achieve from implementing a succession plan; the significant impacts of not having a strategic succession plan; what an organisation can do to retain talented and competent employees; the role an organisation can play in sustaining skilled and talented people; and if the implementation of succession planning can support the career paths of employees not just up a specialised ladder but across a continuum of professional competence. The fieldwork was exploratory in nature, with a questionnaire being administered to seventyseven home-loan staff across the different levels of function. The Statistical Package for Social Sciences (SPSS) was used to analyse the data. Various statistical techniques such as Cronbach’s Alpha were applied to test reliability.An in-depth analysis of the results of the questionnaire was performed. The results of the study were evaluated and various recommendations are made. An implementation plan is provided to aid in the implementation process.