An appraisal of succession planning and its effect on leadership continuity in Zenith Bank Plc, Niger State
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Background of the Study
Succession planning is a strategic process of identifying and preparing suitable candidates to fill key leadership positions within an organization when they become vacant. Effective succession planning ensures leadership continuity, which is vital for maintaining organizational stability, growth, and long-term success. In the banking sector, leadership continuity is particularly important given the sector's role in the economy, where leadership decisions can have far-reaching effects on financial stability, customer trust, and competitive advantage. Zenith Bank Plc, one of Nigeria’s leading commercial banks, has grown substantially over the years, making the development of effective succession planning strategies a critical factor in sustaining its growth and leadership.
The banking industry in Nigeria is experiencing rapid changes, influenced by factors such as digital transformation, regulatory reforms, and an evolving customer base. This environment requires banks like Zenith Bank to implement succession planning strategies that ensure a smooth transition in leadership positions. Despite the importance of succession planning, research shows that many Nigerian banks still face challenges in identifying and nurturing internal talent for top leadership roles (Abubakar, 2024). Furthermore, leadership continuity has become more challenging in Niger State, where demographic and socio-political factors impact the availability and development of skilled leadership talent. This study aims to appraise the succession planning processes in Zenith Bank Plc, particularly in the context of Niger State, and analyze how these strategies contribute to leadership continuity and organizational stability.
Statement of the Problem
Despite the critical role of succession planning in ensuring leadership continuity, many banks in Nigeria, including Zenith Bank Plc, are yet to fully implement or optimize succession planning strategies. In Niger State, where the socio-political and economic landscape presents unique challenges, the effectiveness of these strategies is uncertain. Zenith Bank’s leadership faces the challenge of identifying and preparing future leaders who are capable of driving the bank's growth and success. The problem of leadership continuity becomes even more pronounced in the face of frequent leadership transitions, which can disrupt operations and affect the bank’s reputation. This study aims to appraise Zenith Bank’s succession planning strategies in Niger State and assess how these strategies contribute to leadership continuity and organizational success.
Objectives of the Study
- To evaluate the succession planning strategies implemented by Zenith Bank Plc in Niger State.
- To examine the challenges faced by Zenith Bank Plc in ensuring leadership continuity through succession planning.
- To assess the impact of succession planning on leadership continuity and organizational stability in Zenith Bank Plc, Niger State.
Research Questions
- What succession planning strategies does Zenith Bank Plc employ in Niger State?
- What challenges does Zenith Bank Plc face in ensuring leadership continuity through succession planning in Niger State?
- How does succession planning affect leadership continuity and organizational stability in Zenith Bank Plc, Niger State?
Research Hypotheses
Ho1: There is no significant relationship between succession planning strategies and leadership continuity in Zenith Bank Plc, Niger State.
Ho2: The challenges faced by Zenith Bank Plc in succession planning do not significantly impact leadership continuity in Niger State.
Ho3: Succession planning does not significantly influence the organizational stability of Zenith Bank Plc in Niger State.
Scope and Limitations of the Study
This study focuses on succession planning in Zenith Bank Plc in Niger State, and its impact on leadership continuity. The research is limited to the bank’s operations in the state, and it may not fully reflect the practices or challenges in other regions. Potential limitations include access to key decision-makers in the bank and the possibility of response bias, as participants may be reluctant to disclose sensitive information about the bank’s succession planning processes.
Definitions of Terms
- Succession Planning: The process of identifying and preparing individuals within an organization to fill key leadership roles when they become vacant.
- Leadership Continuity: The uninterrupted progression of leadership within an organization, ensuring stability and sustained success.
- Organizational Stability: The ability of an organization to maintain consistent performance and operational continuity despite changes in leadership.
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