{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 7-Succession Mgmt

Chapter 7-Succession Mgmt - Chapter 7 Succession Management...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 7: Succession Management Importance of Succession Management Succession Management: systematic process of determining critical roles within the organization, identifying and evaluating possible successors and developing them for these roles. Must be a pipeline of talent for the most critical roles: CEO Senior management team (executives) Critical roles based on long-term value to the organization (such as scientists or customer relationship specialists) Goal of succession planning: identify and prepare future leaders and to ensure business continuity Plan for expected and unexpected turnover Research shows delays in naming successor results in decreasing operating performance -> effects can last up to 2 years Needed even when retirements and company sellouts are predictable Because of baby boomers à 20% of top mgmt. and 25% of middle mgmt. positions will become vacant in future, retirements of baby boomers will accelerate this trend Evolution of Succession Management Replacement planning: process of identifying short-term and long-term emergency backups to fill critical positions How management planning has evolved into succession management: 1. Broader focus Focus of replacement planning was the job and having replacement if the incumbent died This concept for the succession and replacement charts for the high-level and key positions in the org o Consisted of a periodically updated table on employees who might be nominated if a need arose o Focused on high-potential candidates 2. Time horizon Short-term planning does not allow for the intake or career management of those with different skills in growth areas Succession mgmt. looks at a longer term and focuses on future of 2 years or more 3. Talent pools Develop several multiple successors for every positions starting with positions that are harder to fill
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Communicate to star employees that they have potential 4. Rating system: traditionally relied on rating on single evaluator, now it’s a 360degree rating system Internal versus External
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}