Succession planning is when you take a bright up and coming employee, enhance their current skills, and develop them to become higher-ranked within the organization. I would like to discuss the issues within Succession Planning and the correct way it should be handled.
Succession planning is a process whereby an organization ensures that employees are recruited and developed to fill every key role in a company. Through the process of succession planning, you recruit superior employees, develop their knowledge, skills, and abilities, and prepare them for advancement or promotion into ever more challenging roles. Succession planning usually occurs when senior executives or managers periodically review their top employees and those in the next lower level to determine several backups for each managerial position. It is important because it normally takes months and years of grooming to develop effective managers. Organizations usually have a pool of candidates, or just one candidate with high leadership potential.
A well structured Succession Plan has the following advantages:
• An unlimited supply of well trained, moderately experienced, highly motivated people who are ready and able to step into key positions as needed.
• An array of candidates who are being put into the company with positive goals established for each individual.
• Numerous candidates through different departments with the goals of educating them into the in and out’s of the company.
• Alignment of the future needs of the company with the availability of appropriate resources within the company.
• Positive goals for key personnel, which will help keep them with the company and will help assure the continuing supply of capable successors for each of the important positions included in the succession plan.
• A defined career path, that will help the company recruit and keep better people.
A poorly executed Succession Plan will give you the following disadvantages:
• A non existent or...