SUCCESSION PLANNING: READY FOR TOMORROW[/b]
Today’s business is more complex than ever before and posting a several challenges to top level managers to attract and retain quality human resources for various managerial roles. An effective succession management is one of the best ways to build competitive advantage Modern succession finding the right talent and preparing them for next role in the management.
What is Succession planning?
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. Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions.
Through your succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement or promotion into ever more challenging roles. Research indicates many succession-planning initiatives fall short of their intent. An effective succession management is one of the best ways to build competitive advantage. Succession management gives you the opportunity to take your company to the next level as well as the next generation.
In earlier days, succession management was considered as an indispensable human resource function aimed to identify replacement for senior managers who may leave the organization in the coming future by developing a list of potential candidates who can take charge of the outgoing managers.
Why is Succession Planning Important to Do?
ü Through succession planning, the organization assesses its leadership needs. This leads to a formal evaluation of the knowledge, skills and abilities (KSAs) needed for your key roles.
ü Leaders identify key people, and the organization creates and implements the means of training them for leadership. This involves identifying the work functions critical to the leadership and other key positions of the organization.
ü Succession planning provides a comprehensive inventory of the knowledge, skills and abilities that will be needed to sustain effective leadership in the future.
How Can Succession Planning help me & my organization?
A succession plan may help the organization make the paths for advancement visible to employees. This can motivate employees to perform with advancement in mind.
They can also more readily see where their work or role “fits” in the larger context of the organization.
A succession plan creates pathways to appropriate promotion and candidate selection by matching organizational needs with qualified talent, both internal and external.
It is also a means to monitor and reward performance and professional development.
Succession planning can result in improved placement in hiring processes, and improved leadership through development and skilled recruitment
[/list]
Tools for succession management:
1. Internal leadership and executive education: The Dell computer is on global corporate talent pool that addresses its top talent and identifies its excellent performing business unit leaders accountable for carrying out developmental program designed leaders.
2. Action learning and special job assignment:
The Dow Chemical Company employs its potential leaders by giving them special assignment on task force basis. The assignment chosen is supposed to present a challenge to the participants and improve their analytical ability, business understanding and relationship.
3. Coaching & Mentoring:
At the Dow Chemical, a mentor is assigned to all the new entrants. The mentor responsibility is to train his, her mentees for handling critical assignments and showing them the right career track.
4. External University courses:
Pan Canadian is offering internal university MBA program to its employees, While Dow Company focuses on external, university sponsored educational and management development program.
5. Web-based courses:
Some high performance organizations are making a range of management development and personality development courses available to their employees online. Companies like Dell Computer and Eli Lilly are engaged in offering the web based courses to their employees.
6. Career planning and individual profiling:
Dell computer adopted a career development model that assists its employees in planning their careers.
7. Performance Management and 3600 Feedback:
The Bank of America uses the results of 360 degree feedback to solve the puzzles like who will be the next leader and how to develop her/him.
Conclusion:
A successful succession management needs to be aligned with the overall corporate vision and strategy. Modern succession management is not only about finding replacements but it also an ongoing process of identifying and developing a desired talent base for all the level of management.
This article Compiled by
Dr.Pravin V.Bhise
GNIET, DMS, Nagpur.
Today’s business is more complex than ever before and posting a several challenges to top level managers to attract and retain quality human resources for various managerial roles. An effective succession management is one of the best ways to build competitive advantage Modern succession finding the right talent and preparing them for next role in the management.
What is Succession planning?
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. Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions.
Through your succession planning process, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement or promotion into ever more challenging roles. Research indicates many succession-planning initiatives fall short of their intent. An effective succession management is one of the best ways to build competitive advantage. Succession management gives you the opportunity to take your company to the next level as well as the next generation.
In earlier days, succession management was considered as an indispensable human resource function aimed to identify replacement for senior managers who may leave the organization in the coming future by developing a list of potential candidates who can take charge of the outgoing managers.
Why is Succession Planning Important to Do?
ü Through succession planning, the organization assesses its leadership needs. This leads to a formal evaluation of the knowledge, skills and abilities (KSAs) needed for your key roles.
ü Leaders identify key people, and the organization creates and implements the means of training them for leadership. This involves identifying the work functions critical to the leadership and other key positions of the organization.
ü Succession planning provides a comprehensive inventory of the knowledge, skills and abilities that will be needed to sustain effective leadership in the future.
How Can Succession Planning help me & my organization?
A succession plan may help the organization make the paths for advancement visible to employees. This can motivate employees to perform with advancement in mind.
They can also more readily see where their work or role “fits” in the larger context of the organization.
A succession plan creates pathways to appropriate promotion and candidate selection by matching organizational needs with qualified talent, both internal and external.
It is also a means to monitor and reward performance and professional development.
Succession planning can result in improved placement in hiring processes, and improved leadership through development and skilled recruitment
[/list]
Tools for succession management:
1. Internal leadership and executive education: The Dell computer is on global corporate talent pool that addresses its top talent and identifies its excellent performing business unit leaders accountable for carrying out developmental program designed leaders.
2. Action learning and special job assignment:
The Dow Chemical Company employs its potential leaders by giving them special assignment on task force basis. The assignment chosen is supposed to present a challenge to the participants and improve their analytical ability, business understanding and relationship.
3. Coaching & Mentoring:
At the Dow Chemical, a mentor is assigned to all the new entrants. The mentor responsibility is to train his, her mentees for handling critical assignments and showing them the right career track.
4. External University courses:
Pan Canadian is offering internal university MBA program to its employees, While Dow Company focuses on external, university sponsored educational and management development program.
5. Web-based courses:
Some high performance organizations are making a range of management development and personality development courses available to their employees online. Companies like Dell Computer and Eli Lilly are engaged in offering the web based courses to their employees.
6. Career planning and individual profiling:
Dell computer adopted a career development model that assists its employees in planning their careers.
7. Performance Management and 3600 Feedback:
The Bank of America uses the results of 360 degree feedback to solve the puzzles like who will be the next leader and how to develop her/him.
Conclusion:
A successful succession management needs to be aligned with the overall corporate vision and strategy. Modern succession management is not only about finding replacements but it also an ongoing process of identifying and developing a desired talent base for all the level of management.
This article Compiled by
Dr.Pravin V.Bhise
GNIET, DMS, Nagpur.
