Dear Poonam,
Skip level meeting is having an interaction with the Boss of the Boss. Ex: you are an Asst.Mgr and reporting to Manager and the Manager is reporting to General Manager in this hierarchy General Manager is interacting with you directly with out your reporting Manager.
If it is a professional organization, the entire team is positive, confidentiality is being strictly maintained, ready to digest and accept change environment then it is good to the employee in general and the organization in specific otherwise the employee is the sufferer.
Hope you got the point.
Thanks and regards
Kameswararao