Succession planning wanted

Responding to the tale of attrition, D.N. Shanbhag (AGM- Purchase in a pharma company) writes:
“Dear Swati, I read your article in BL. Yes we do have a problem of retaining young talent but same is the case with old employee. The fact of the matter is that majority of Indian companies do not have a succession planning, nor a definite policy or strategy to address such issue. We do not have a proper structured induction program.”
“I have worked for 20 years in a various positions in pharma functions and at present handling a key function, purchase. Recently a new person was appointed in our organisation. He is less experienced and less qualified, but his pay package is very high. How you can expect any senior person to train him and guide him to take up higher responsibilities in the same organisation? Such a young recruit is bound to get frustration. It’s a two-way damage for the company.”
“In the case of IT and BPO, the story is little different, young recruits are pampered with good salary package due to which there is a shortage of skill sets in the industry. Expectations are rising and young recruits are tempted to frequently job-switch. Attrition rates rise; so, all in all the issue is basically of management’s perception of the problem and the preparedness to tackle such issues.”