the preparation for the replacement of one postholder by another, usually prompted by retirement or resignation. Succession planning involves preparing the new postholder before the old one leaves, possibly with training or through work shadowing. At a senior level, management succession should be accomplished as smoothly as possible in order to avoid organizational crises caused by absent or inadequate top management. General Electric is held to be an exemplar of succession planning for its successful transition following the retirement of Jack Welch.
From the executive summary: ‘Succession planning is the fastest and cheapest way to get a well-qualified person into an open position. Unfortunately, very few organizations have a well-thought-out or well-executed succession planning program. CEO egos, most people's dislike of thinking about a time when they will not be in a...
The concept of succession planning has become an important part of many companies’ strategic planning but not in all companies. Too many think of succession planning as having application only in family owned companies or in large conglomerates. In fact, succession planning should be a part of every company’s Strategic...
From the executive summary: ‘Developing direct reports is the responsibility of each and every supervisor. Succession planning provides a direct and easy-to-follow model for strategic talent management. Viewing employee development from the organizational perspective of succession planning helps to keep talent management activities focused and efficient. Performance-based succession planning puts...
Succession planning is one of the most critical endeavors an organization undertakes. In our experience, different companies apply succession planning for a variety of purposes. Most organizations, however, tend to focus on many of the goals simultaneously. No mater what the purposes, succession planning criteria and processes should stem from...
Many people equate succession planning with estate planning. This view is not entirely accurate, since succession planning is much broader. Succession planning is the development of a strategy for the transfer of the ownership, management and fiscal responsibility of the business. Estate planning, on the other hand, takes into account...
As the federal government confronts an array of challenges in the 21st century, it must employ strategic human capital management, including succession planning, to help meet those challenges. Leading organizations go beyond a succession planning approach that focuses on replacing individuals and engage in broad, integrated succession planning and management...
One of the main focus points of the March 9th HARRT Round Table was the growing disparity between the academic literature on Succession Planning SP and the every day challenges that Human Resource professionals face on this topic. HARRT members examined how the size and growth rate of organizations influence...
Thinking ahead is a cardinal rule of business. In a changing and competitive business environment, implementing a succession planning process may be the most important human resource management investment one can make. This article discusses an approach to succession planning developed specifically for a number of companies in Asia. Effective...
Back in 2002, we raised the spectre of succession planning in our May cover story "Succession and the CA Practitioner"-pointing to the large number of public practitioners approaching retirement and the shortage of younger CAs coming up to fill the ranks. Advising practitioners to take an active stance, Doug Wallis,...
OTTAWA -- Workstream Inc.TM (NASDAQ:WSTM), a provider of On-Demand Enterprise Workforce Management software, today announced that IAC/InterActiveCorp has selected Workstream's Succession Planning solution to manage the Company's HR planning processes for more than 500 key senior executives, including succession planning and leadership development.
There are a number of areas to keep your eye on as part of your succession planning activities. Top of the list has to be that as you formulate your ideas to get those people organized to be top class performers, you need to know how they are doing, right...
With today's workforce, talent is the key-driver of organizational success and mobility is common amongst employees. Strategic succession planning is the process of building a viable talent pool that contributes to the current and future success of an organization. When implemented well, strategic succession planning meets the talent needs of...
Over the past five years, the focus on succession planning in organizations has dramatically increased. WisdomNet defines succession planning as "An executive led talent planning process focused on creating a pool of high performance leaders to meet the strategic needs of the organization". It has been one of the fastest...
Ownership succession planning is a complex and challenging process that requires owner managers to face up to difficult questions. Succession planning is an important, and growing, issue in the local economy. This paper takes the theory of intellectual capital and core competencies developed in the context of large organizations and...
Succession planning in family business is an issue of growing importance. These enterprises generate a significant proportion of the economic activity in many countries, and a majority of these enterprises are approaching the point where business owners will most likely be making serious decisions regarding their long term future. The...
The HR professional, given the assignment often begins with his/her baseline of knowledge, usually supplemented with some benchmarking of other firms' processes, and begins to set up the necessary meetings. Data are gathered in advance and forms are prepared. The CEO must be an avid supporter and an active participant...
Like many activities that do not directly contribute to the day to day running of the business (how about computer backups?), succession planning is very low down of the list of things to do. This paper explains how to transfer the business successfully. The authors don't have all the...
Done with the right technology, succession planning that reaches deep into the hierarchy can build a company's reputation as a great place to work and, perhaps most important, further strategic goals. The expense of hiring external candidates, combined with increased turnover in the corner suites, is helping to fuel the...
"In the absence of a well-defined succession plan, most family owned construction companies never make it to the next generation of ownership. Succession planning is like making out a will. It requires you to think about death and retirement, two topics most people would rather not think about. For...
SAN MATEO, Calif. -- SuccessFactors, the leading provider of on-demand performance and talent management solutions, announced today that their customer Edwards Lifesciences, a leader in cardiovascular disease treatments, will be spotlighted in an upcoming Workforce Performance Solutions Magazine succession planning webinar. The online event, "Talent Management: Developing The Competitive Advantage,"...
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