SUCCESSION PLANNING

Importance of Succession Planning

Table of Contents

Introduction1

Literature Review1

Defining Succession Planning1

Need of Succession Plan4

Process of Succession Process4

Step 1 - Identifying Key Positions or Key Groups5

Step 2 - Identifying Competencies6

Step 3 - Identifying and Assessing Potential Candidates6

Step 4 - Learning and Development Plans7

Step 5 - Implementation and Evaluation8

Path-Goal Theory9

Theoretical Perspective of Path Goal Theory10

Key Organizational Players11

Boards, Executives and Employees11

Human Resources Departments12

Importance of Succession Planning for Organizations13

Conclusion15

References16

Importance of Succession Planning

Introduction

The skills and learning sector has been facing a challenging time due to the climate of important demographic and climate change and this is the reason that teams of senior management and authorities should be prepared for the coming years in order to make sure that organizations has the capable employees who can deliver best outcomes for them. As an organizational leader, it is extremely necessary to be clear regarding goals and objectives of the organizations and should be able to explore all probable avenues for identifying personnel who can provide knowledge, skills, leadership and diversity that are imperative for the organizations. The focus of succession planning is on the role of the seniors and governing board in the organization and it serves as a timely reminder for linking recruitment and development of important employees to the strategic planning of the organization (Dale, 2011, p.4). This paper will discovers significant practices of a succession planning and it looks at the way in which succession planning contributes in running overall operations of the organizations.

Literature Review

Defining Succession Planning

The term succession planning can be explained as an ongoing dynamic process to develop, access and identify talent of leadership in a systematic way and developing, recognizing and accessing important contributors for meeting future operational and strategic needs of the organization. Moreover, succession planning is also define as a proactive effort for making sure that there is a continuous leadership in the organization to identify the way in which these positions can be filled as both unplanned and planned departure occurs. It is necessary for the organization to make a highly focused and effective strategy that centers on the excellence of the organization in order to achieve best outcomes using succession planning. In the life of any organization, the succession of a leader is considered one of the main point as focus of succession planning is on three basic areas. Firstly, the need of the organization is addressed as the most senior leadership of the organization retires or ages. The second is that succession planning assists an organization for preparing unforeseen incident such as sudden death or sickness of a person who is at the most senior position of leadership in the organization. The third is that succession planning makes sure that the people working in the organization are functioning at their peak presently and in the future as well. It serves as a means for taking inventory of an organization for the human capital and identifying present or future gaps in a better way (Dhar, 2008, p. 145).

The succession planning operates in such a way that it becomes ...