A Thematic Approach to Succession Planning, Leadership Continuity, and Organizational Growth: Spotlight on Chief Executive Officers in Ghanaian Industry
DOI:
https://doi.org/10.26437/ajar.31.10.2022.06%20Abstract
Purpose: This study examines how succession planning (SP) for Chief Executive Officers (CEO) of high-performing organizations in emerging markets ensures the steady success of business continuity through competitive advantage and organizational growth. It also takes a keen interest in the role of the board of directors in perpetuating succession planning practices and the key qualities expected of future CEOs which include value-added competencies, specialized knowledge, leadership capabilities, and performance-based success.
Design/Methodology/Approach: This study adopts a qualitative and exploratory approach using a thematic approach to analyze the data.
Findings: Through a qualitative lens, the study found that most organizations have no succession-planning practices. Again, those that have it had a weak one, and only a few organizations have a mildly strong succession-planning policy. Furthermore, the board of directors plays a crucial role in the succession-planning processes of these organizations.
Research Limitation: There were some constraints during the study and writing of this paper which are indicated. The outbreak of the coronavirus (Covid-19) pandemic caused the closing down of targeted companies for research.
Practical Implications: Companies should have strategic initiatives to enable the identification of a talent pool for training in all divisions.
Social Implications: Training activities such as seminars and workshops should be implemented to improve the understanding of leadership and succession planning.
Originality: Studies on succession planning did not consider the role of the board of directors which this study sheds light on. Finally, studies on SP have not emphasized how important it is for chief executive officers to understand the crucial role that strategic decision-making and succession planning play in guaranteeing the long-term growth of organizations in sub-Saharan Africa.
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