SUCCESSION PLANNING

Succession Planning

Table of Contents

Introduction1

Succession Planning2

Importance of Succession Planning3

Assessing Future Needs3

Personal Developmental Needs3

Competition4

Planning Process Aid4

Leadership Research and Trait Theory5

Implementing Succession Planning6

Planning the Process7

Clear Focus8

Training Difference8

Models of Succession Planning10

Long-Term Planning or Managing Talent11

Short-Term Planning or Emergency Repositioning11

Combination of both Models12

Tools of Succession Planning12

Benefits of Succession Planning Tools13

Succession Planning Tools Drawbacks15

Conclusion17

Succession Planning

Introduction

The capability of an organization for surviving in the competitive environment is based on the extent to which organization is able to produce quality leadership at regular intervals whether it is a public or private limited company. Building capacity for new leadership has been given more importance in the public and private sector organizations because different organizations are facing extreme pressure from the stakeholders and shareholders for ensuring their flexibility, sustainability and responsiveness for coping up with the limitations and uncertainty in the environment. There is a significant effect on the organizational response to the replacement of leadership because of increased turbulence in the competitive environment which is influenced by funding uncertainties, restructuring of organizations and increased complexity of programs (Rothwell, 2010, p. 163).

Succession Planning

The process of determining different critical and crucial roles in the organization, accessing and pointing right successors and providing these successors proper experience and skills for current and future opportunities is known as Succession Planning. The succession planning includes senior management to review overall skills, capabilities and outcomes of their top executives and lower staff in order to make appropriate backup of their positions for their replacement. Succession planning is imperative for the organizations because it takes several years to groom and develop managers that can give their best for the company. Pools of candidates are build by the organizations so that candidates having leadership skills can be identified because there is a critical shortage of middle and top level leadership in most of the organizations that are competing in the different markets all over the world (Daly, 2011, p. 88). The considered and careful action plan makes sure that there is minimum possibility of disruption in the responsibilities of an employee and effectiveness of the organization. It is clearly set out by succession plan that different factors of selection are taken into consideration and a proper process is followed with relation to replacing the individual.

Importance of Succession Planning

Assessing Future Needs

Performing the process of succession planning is important for the success of any organization as the candidate selected or identified in the succession plan will play a crucial role in the success of the company in the future and he will be able to cope up with different challenges that companies have to face in the coming time period. Some of the example that highlights the important of succession planning includes:

If the current leaders are suddenly or unexpectedly not willing to continue their present position in the organization.

The current leaders can accept approach of other organizations that is more valuable to them or an external opportunity arise that can decreased their overall value in the organization.

Pointing out the result of a time limited or contractual ...