Contribution of succession planning on financial institutions security in Rwanda: Case of Zigama CSS (2017-2021)

Abstract

The specific goals of the study, which is titled "The Contribution of Succession Planning on Financial Institutions Security in ZIGAMA CSS Rwanda," include determining the degree to which career development planning affects effective leadership and financial security of ZIGAMA CSS Rwanda, its main objective was to examine the contribution of succession planning on financial institutions security in ZIGAMA CSS Rwanda. The case study as research methodology was used to meet the predetermined research goals. The qualitative approach was chosen since the material needed for this study would not be in a quantitative or numerical form, and because it was important to get the respondents' thoughts and experience. The qualitative technique gives the researcher the ability to examine and interact with information critically while also highlighting the key points from the vast amount of data. The major findings demonstrated that the most of respondents which is 88% of the total number of respondents agreed that career development planning has an impact on the financial stability and effective leadership of ZIGAMA CSS Rwanda. Additionally, 92% of all respondents concurred that succession planning presents challenges and that selection planning has an impact on ZIGAMA CSS Rwanda's financial security. According to ZIGAMA CSS Rwanda, the average mean on financial security is 1.8533, which is moderate and should be reduced to a lower level. The overall findings showed that the implementation of bank security indicators such as feeble investment, level of using management systems, level of capacities services, level of skills and expertise could be fixed by succession planning because are less considered in Zigama CSS Rwanda. Therefore, the researcher recommended the following elements to be in place: coordination, harmonization of institution data, and appropriate monitoring, loss of expertise from seasoned workers (retirement) leads to the cost of educating of new employees, so there is a need to maintain professional employees in order to keep offering professional training which is job-oriented, and professional courses that must be heavily implemented in order to attain a large number of employees with professional qualifications. Also, Mother institutions should not recall their employees at any time because it is a challenge to human resource development. So, it is necessary to give ZIGAMA CSS the authority to manage its employees in order to achieve their goal