MANAGEMENT

Succession Planning in Modern Organizations

Succession Planning in Modern Organizations

Succession Planning

Succession Planning is basically a conscious decision of a firm for fostering and promoting the continuous development of workers, while ensuring that major positions maintain certain measure of stability, hence enables a firm to accomplish its business goals (Newfoundland & Labrador, 2008, p.4). In other words, succession planning refers to a systematic process where managers identify, evaluate, and develop their staff for making sure they are ready for assuming primary roles within the organization (Stensgaard, 2007, n.d).

As far as modern organizations are concerned, the concept and application of succession planning has evolved into a process that is used to replenish the HR of a company at a specific or broader level; identify, evaluate, and develop workers' skills, knowledge, and abilities for meeting the current and future staffing requirement of the company; and ensuring an ongoing supply of talent by helping workers develop their potential, as successors for primary positions of a department. Where, succession management involves recognizing the requirements of a company and its workers, and developing the capacity for addressing emerging problems that can or will impact on continuity of the business (Newfoundland & Labrador, 2008, p.4).

Critical Analysis of Succession Planning in Modern Organizations

The concept behind succession planning can be define as a systematic and deliberate attempt by a company for ensuring the continuity of leadership in major positions, retention and development of intellectual and knowledgeable capital for the future, and encouragement of individual growth (Henderson, 2007, n.d). The value of succession planning in today's modern organizations is endorsed by several views, such as the continuous sustainability of a firm is highly dependent on having the right people in the right place and at the right time. Where, this can be done by implementing succession planning in an organization.

Succession planning process' basic tenants articulates the foundation for communication of career paths to each employee; establishment of training and development plans; establishment of career paths and employee's job moves; upward communication and laterally concerning the management organization; and creation of more detailed HR planning system (Henderson, 2007, n.d). Furthermore, the succession planning process supports and complement the strategic vision and strategic planning of company and offers a significant beginning point for leadership and worker development programs. Without this strategic focused succession planning the companies have to face difficulty in maintaining leadership continuation or recognizing suitable leaders when a change in business strategy is essential. This is one of the most important aspects because the succession planning tends to be most visible at the top of a company. Where, today's modern organization and modern business environment face ever-increasing problems associated with globalization, growth, and communication; succession planning has become vital in order to cultivate the appropriate talent for meeting these daunting challenges (Henderson, 2007, n.d).

The succession planning can't function in isolation; it requires to be connected with other processes of an organization like training, recruitment, and other to be successful. The program of succession planning requires constant input from ...