Succession Planning Essay

2.3.1 Strategic succession planning Strategic Succession is a systematic process of transferring leadership ownership or control of a business from one generation to another. Ideally the successor will fill the role of the predecessor, being fully compatible with the entity and perfectly function without interruption (Susan, 2011; Gature et al. 2013). Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. This study defines strategic succession planning as a systematic process of developing leadership talents within the organisation who are potential to fill leadership positions in the business for sustainability. 2.3.2 Succession planning theories In this study besides using trait and behaviour theories, Succession planning has theories which guide the business growth and sustainability. The following theories have been summarized as they contribute to leadership succession…

The intent of succession planning is to provide a structured series of activities that will help high‐potential employees increase their opportunities for advancement and prepare to assume key roles within the organization. Each employee is subject to all organizational policies and procedures. Completion of an individual development plan will not result in a promotion or a pay increase. Each employee is subject to the organization’s standard regulations regarding pay and benefits. It is…

Succession Planning and Acquisition of Employees for Global Positions Lindiwe Musekiwa Walden University Introduction Leadership continuity is a must in today’s highly-competitive business environment where change is inevitable, but, acquiring and retaining workers with practical knowledge, skills, and abilities is critical for the growth and development of, not only the organization, but also individual employees. Globalization and technological innovations are forcing…

that a lot of companies are realizing that replacement hiring is not the best option for long term quality employees. Companies are starting to realize the commitment level that employees are willing to give when they have companies that train and promote within. Succession planning looks within the company and finds its future leaders and manager from the ranks. The company will then send the selected employees through various training and developmental programs to get them ready for future…

Succession Planning Finding talent people is not as difficult as finding the right people. Most successful candidate for top level of management undergo the succession planning. It is the plan to build the next generation of leader. The main concern of human resource of a company without leadership is the succession. They cannot build people when they are at risk of leaving the company once they find a better working environment. Furthermore, the company do not fully understand the specific…

positions, organizations need to have a succession plan. Not preparing for the possible loss of individuals in key leadership positions could cause a loss in stability, disrupt continuity in operations, and affect the institutional knowledge of an organization (Harvey, Parry, & Vorbach, 2014). Succession planning is a process used to detect and train people to take over in key positions of an organization in order to maintain high levels of operations and leadership (Patidar, Gupta, Azbik, &…

Succession planning is a process that should help an organization for identifying and preparing its people to fill key positions. Its main focus toward those positions that will have the most impact on its stability, production, and growth.The availability of an organizational succession plan ensures that the organization is ready to continue work in the absence of key staff. It supplies the organization with motivated and qualified people. Paying attention to succession planning as process…

Human Resource Management defines succession planning as “the ongoing process of systematically identifying, assessing, and developing organizational leadership to enhance performance” and Dessler (2017) emphasizes that this process “entails three steps: identify key position needs, develop inside candidates, and assess and choose those who will fill…

the most senior people, getting it right can clearly have significant advantages. At the same time, as recent history has shown, getting it wrong can have disastrous consequences. Leadership change within any organization can greatly influence succession planning within an organization…

According to Titzer and Shirey (2013), “succession planning is defined as a strategic plan to ensure continued organizational leadership” (p. 155). It utilizes mentoring and coaching, as well as, grooms individuals within the organization that have been identified as having the potential to fill senior administrative positions when they become available (Tae, 2012, p. 14). In turn, it decreases the costs of recruiting and orienting new staff, as well as, encourages staff to be accountable for…