SUCCESSION PLANNING STRATEGIES AND SUSTAINABILITY OF SMALL AND MEDIUM ENTERPRISE IN YENAGOA BAYELSA STATE
Abstract
This study examined the relationships between succession planning strategies (staff compensation, bench strength readiness, internal replacement) and sustainability, measured as corporate social commitment, of small and medium enterprises (SMEs) in Yenagoa, Bayelsa State. The study aimed to bridge the knowledge gap on the impact of succession planning on SME sustainability in Nigeria’s entrepreneurial sector. A sample of 74 employees was selected from a population of 94 across seven SMEs using Taro Yamane’s formula and proportional allocation. Spearman rank correlation analysis revealed significant positive correlations between staff compensation and corporate social commitment (r = 0.745, p < 0.01), bench strength readiness and corporate social commitment (r = 0.719, p < 0.01), and internal replacement and corporate social commitment (r = 0.692, p < 0.01). The study recommends that SME owners implement competitive compensation packages to enhance employee motivation, establish leadership development programs to ensure bench strength readiness, and prioritize internal promotions to foster continuity, thereby strengthening SME sustainability and community impact.
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