J
Journal of Economics, Management, Entrepreneurship, and Business (JEMEB) Abnus Publisher

Development of a Succession Planning Model for Insurance Subsidiaries

2021-05-04
Published
56-75
Pages
OPEN
Access
PC
Primadi Candra Susanto
Institut Transportasi dan Logistik Trisakti, Jakarta, Indonesia
NH
Naik Henokh Parmenas
Institut Teknologi dan Bisnis Kalbis, Jakarta
Abstract

Purpose: This study aims to provide insights into the formulation of effective retention plans and the identification of talent readiness to meet critical position needs in an insurance company, focusing on succession planning processes.

Research Methodology: Using a Qualitative Phenomenology Method, the research examines the implementation of succession planning at a subsidiary insurance company. Data were collected through interviews and document analysis, focusing on talent identification, mapping, and retention strategies.

Results: The study finds that succession planning at the subsidiary is not fully optimized, as it is still at the "create development plans" stage (4th stage of the 7-stage process). However, the company has identified and mapped 15 managerial candidates: 2 in the "Ready Now" category, 8 in the "Ready with Development" category, and 5 in the "Not Ready Yet" category. The company has implemented development programs such as in-house training, coaching, mentoring, and special assignments. Talent readiness for critical positions is expected to range from 1 to 2 years.

Conclusions: The company has also developed a retention strategy to engage employees and retain quality talent, including career development programs, leadership training, employee recognition, and welfare programs. Combining effective succession planning with retention efforts will ensure the company can meet future talent needs.

Limitations: The study is limited to one subsidiary and focuses on a short-term talent readiness period (1-2 years), which may not reflect long-term effects.

Contributions: This research contributes to understanding the importance of succession planning and retention strategies in maintaining a steady supply of talent for critical positions within organizations.

Employee Retention Human Resource Management Leadership Development Succession Planning Talent Management
How to Cite
Development of a Succession Planning Model for Insurance Subsidiaries. (2021). Journal of Economics, Management, Entrepreneurship, and Business (JEMEB), 1(1), 56-75. https://doi.org/10.52909/jemeb.v1i1.16
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How to Cite

Development of a Succession Planning Model for Insurance Subsidiaries. (2021). Journal of Economics, Management, Entrepreneurship, and Business (JEMEB), 1(1), 56-75. https://doi.org/10.52909/jemeb.v1i1.16
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