Without careful management of the leadership succession process, Microfinance Banks (MFBs) may face power tussles with consequences such as sudden exits across different grades and functions, loss of 'tribal knowledge', costs of abrupt hiring, uncertainty, chaos, damage to the company's culture, reduced performance and may witness business failure in an extreme case Phillips Consulting has said.
These exertions were made by Associate Partner at Phillips Consulting Limited (pcl.), Foyinsola Akinjayeju, while delivering a presentation titled: "Steps for Effective Succession Management," at a recent conference organised by the Lagos State Chapter of the National Association of Microfinance Banks.
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