Timely succession plans are the need of the hour

Succession planning is no less important for key government positions than for corporate leadership. However, as RBI's case shows, its value is yet to be adequately acknowledged

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The importance of succession planning, whether in the context of corporate leadership or governance roles, cannot be over-emphasized. For business operations, the value of having a plan in place is well understood by now. It ensures companies can run smoothly without interruption after people in key positions move on. Some find new opportunities, others retire, and, given that we are all mortals, a few might even pass away.

Nobody is indispensable. 'TINA' is a catchy acronym for 'there is no alternative' that individuals at the helm might like to believe is true of themselves. But, in the real world, alternatives exist. Organizations, corporate or governmental, will carry on. However, the manner of their continuance is affected by the presence or absence of key personnel. The wise among them recognize this and prepare accordingly.