Is Succession Planning Really Used in Corporates, or Just an HR Concept?

Dear Members,

I would like to know, "Is succession planning practiced in the corporates across industries?" Or is this one among several HR topics limited to understanding a concept? If this is current practice, what are the best industry standards? Is it worth implementing in corporations to reduce attrition rates?

I kindly request members to respond to this query, taking time out of their busy schedules. I look forward to an early reply.

Regards,
Neeraja

Dear Peer Mohamed,

Thank you very much for the useful information I received from Dinesh, Essar Petroleum's post. However, sir, it is not in the Indian context. I am looking for specific information on how Indian corporates handle this particular function. For example, when Mr. Narayana Murthy stepped down as chairman of Infosys, was Nandan Nilekani groomed to be his successor? How exactly did Infosys ensure this transition? Is it succession planning at Infosys? What are the other top corporates doing in this regard?

Sir, if you can provide me with some insights on this, it would be greatly appreciated.

Thanks and regards,
Neeraja