Objectives of succession planning are as follows:
1) Sustain Performance of the Organization: Proper and systematic planning is required to motivate an organization in hard times. This function is performed by succession planning as it sustains the organization’s performance even during uncertain circumstances and helps to achieve the goals and objectives established by it.
2) Deal with Voluntary Separation: In the situation when the employees leave the company willingly or voluntarily, it becomes really difficult for the organization to handle such a situation as it is not prepared for it in advance. Thus, by implementing succession planning, organizations can train such employees who can suitably fill up the vacancies of the company. This prepares the organization to manage voluntary separation (individual or group) effortlessly.
3) Facilitate Employees Realise their Future Career Plans: Every individual has certain future career plans that he desires to achieve as early as possible. Succession planning help employees to achieve their career goals by providing them with the opportunity of handling higher positions and responsibilities in future, and even prepares them to take up those responsibilities.
4) Boosts Morale of Employees: Succession planning can also be termed as morale booster as it inspires the employees to work hard so that they become eligible for higher positions after the training given by the company. In case of several available positions, company prefers its own employees to fill up those vacancies which give current employees a path of career development. In case when an organization needs less number of existing employees, it goes for job rotation method in different departments of the company thus, increasing their chances of promotion.
5) Develops Competency of Leadership: Interaction between superiors and subordinates is the best way of identifying the employees having the ability of being good and potential leaders. By using succession planning technique, the organization provides on-the-job training to the employees to build the leadership skills which may prove out to be beneficial for them in future.