SUCCESSION PLANNING AND SUSTAINABILITY OF FAMILY BUSINESSES IN THE NIGER DELTA REGION OF NIGERIA.
- Succession Planning,
- Career Development,
- Talent Management,
- Reward Management
How to Cite
Copyright (c) 2023 Research Journal of Management Practice
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
How to Cite
The study focused on succession planning and sustainability of family businesses in the Niger Delta region of Nigeria using a cross-sectional survey design. The population was all private secondary schools in the Niger Delta, the accessible population was ten private secondary schools. A sample size of 196 was drawn from the accessible population of four hundred (400) employees using the Krejice and Morgan table. A total of one hundred and sixty-six specimens of the questionnaire were used for data analysis and multiple regression analysis was used to test the three (3) null hypotheses. The results showed a positive and significant correlation between the dimensions of succession planning (career development, talent management and reward management) and sustainability. The study recommended that family businesses should create a formal succession plan, implement effective succession planning policies and practices. They should also encourage professional development of employees who show potential as future leaders and consider establishing a formal family council, which can help to ensure the continuity of the business over multiple generations.