Succesion Planning and Employee Retention in Private Healthcare in Lagos State

Abstract

The sustainability of private hospitals in Nigeria has become a major concern as the issue of succession planning is imperative in the health sector. Succession planning is a vital tool for guaranteeing employee retention and lasting sustainability in the private healthcare. However, the toughest challenge for most organizations is how to effect a well designed successor without altering the organizational continuity. The study objective was to investigate the impact of succession planning on employee retention in private hospitals in Lagos. The research design employed for this study is survey method and the population comprises selected private hospitals in Ikoyi, Maryland Lagos and 226 participants were chosen through simple stratified random sampling. A total of 226 structured questionnaire were completed and returned. The data collected were analyzed using both ordinary least squares regression and correlation with the aid of statistical package for social science(SPSS25.0 version), to test the hypotheses developed for the study. The findings of the study revealed that succession planning from career development have positive significant relationship with employee retention at (0.925). This denotes 92.5% variation on employee retention and management involvement have significant relationship with employee retention at (0.883) which indicates the value of 88.3% in employees’ retention at 5% level of significance. The study concluded that both career development and management involvement in succession planning have positive significant relationship with employee retention in private hospitals in Lagos. Therefore, the study recommended that management of private healthcare hospitals should consider succession planning as an important strategy to retain talent employees so as to enhance business growth and sustainability.