Succession Planning and the Sustainability of Gaming Companies in Nigeria (Published)
Organisations throughout the world are founded to remain in existence forever. This is particularly typical of incorporated businesses, which are primarily distinguished by their eternal life. Few studies on succession planning have focused on small and medium-sized companies, with less emphasis paid to larger businesses, especially foreign-backed businesses as seen in the gaming industry. As a result, there is a knowledge gap in succession-planning lingo. The purpose of this research is to investigate the impact of succession planning on the sustainability of gaming enterprises in Nigeria. For this paper, a survey design was used. The study’s population was 434 employees of gaming enterprises located in Lagos. Yamane’s (1967) sampling algorithm was used to pick a representative sample from the general community, and primary data was collected using a structured questionnaire tailored to the study and validated. The Cronbach’s alpha coefficients for the questionnaire varied from 0.850 to 0.775, with a rate of acceptance of 92.20%, and the data was analysed using descriptive and inferential statistics. According to the data analysis, succession planning had a significant effect on gaming business sustainability (R= 0.833a, R2 = 0.693, Adj. R2 = 0.691, F (298.475); p.000. Among the predictors, Career Development has a substantial impact, with a coefficient of 0.612 and a high level of statistical significance (p = 0.000), indicating that for each unit increase in Career Development, Business Profitability is expected to increase by 0.612 units. Similarly, Strategic Staffing and Performance Management Systems also show significant positive effects on Business Profitability, with coefficients of 0.089 (p = 0.001) and 0.222 (p = 0.000) respectively. These findings suggest that improvements in Career Development, Strategic Staffing, and Performance Management Systems are associated with higher Business Profitability. The researcher suggests that succession planning is crucial for the sustainability of gaming companies, ensuring adequate career progression and development for employees.
Keywords: business sustainability, gaming industry, performance management systems, strategic staffing, succession planning