Succession Planning: companies should learn a lot from these tradersThose who have lived in Tamil Nadu, would have known a particular community called the Nadar Community. This is one very powerful community. They are mostly traders. An extremely small percentage of them go on to become big entrepreneurs. One such successful person is Shiv Nadar, the high profile Chairman of HCL, one of the big IT companies in India.
We should learn succession planning from these traders. Many of them own grocery shops and they always their sons and even daughters to take over from them. They have migrated to cities such as Bangalore and Mumbai as well. But in the Corporate sector, we have selfish bosses who build empires and their own yes-men.
There is no systematic career and succession planning at all. In several companies, we often find old guys at the age of seventy manning senior positions in production and finance. Such things should never happen. We need good HR practices in corporate organization's as well.
Members who have good succession planning in organization's may share their knowledge and experiences.