EFFECT OF SUCCESSION PLANNING STRATEGIES ON PERFORMANCE OF AUDIT FIRMS IN NAIROBI CITY COUNTY
John Mucherumuhia - Master of Business Administration, Jomo Kenyatta University of Agriculture and Technology, Kenya
Dr. Kagiri A. - Lecturer, Jomo Kenyatta University of Agriculture and Technology, Kenya
ABSTRACT
The general objective of the study was to evaluate the effects of succession planning strategies on the performance of audit firms in Nairobi City County. The succession planning strategies that was evaluated includes talent management strategy, career management strategy, rewards management strategy and training and development strategy. The study covered the period of September2018 and sampled from 510 audit firms in Nairobi City County as recognized by the Institute of Certified Public Accountants of Kenya. The study adopted the stratified sampling technique. From the possible 510 target population, stratified random sampling was employed to select a total of 81 sample population. A questionnaire was used to collect primary data from the respondents. Statistical Package for Social Sciences (SPSS) was used as an aid in the analysis. Data was analyzed using descriptive statistics whereby frequencies and percentages, generated from the various data categories were computed and presented in graphs, pie charts and tables. The study concludes that talent management enhances performance in of audit firms in Nairobi City County. The study concludes that career management enhances performance in of audit firms in Nairobi City County. The study concludes that rewards management enhances performance of audit firms to a very great extent and that job evaluation, reward policies and grade and pay structure enhances performance of audit firms in Nairobi City County very significantly. The study concludes that training and development enhances performance of audit firms to a very great extent and that skill growth, employees’ output and employee productivity enhances performance of audit firms in Nairobi City County very significantly. The study recommends development of a talent culture so that talent conversations become acceptable throughout the organization and individuals are encouraged to expand their networks. The study recommends that audit firms in Nairobi City County should ensure that talent management system is integrate across all aspects of human resource management. The study also recommends that career management strategy must be engraved in the business strategy characterized by the audit firms regularly analysing career and communicating the same career management strategy to employees. The study further recommends that audit firms in Nairobi City County needs to establish a reward management policy/system and involve employees in determining acceptable and affordable rewards based on achievement of performance targets and the organization’s ability to pay or provide for these rewards. The study finally recommends that audit firms in Nairobi City County should embrace training and development strategy as an employee retention strategy.
