Management Succession Planning is the process of ensuring
that (top-level / important) management positions are filled with suitable skilled and prepared
managers through either identifying and developing
Management Talent within
the organization (Career Management)
or through recruiting suitable candidates from outside the organization.
Management Succession Planning Activities
Typical MSP activities are the development of replacement tables, development
plans, lists of names along with a succession management
strategy, executive profiles, and organizational processes to identify potential,
assess readiness, accelerate management development, assign management accountabilities
and measure management succession success.
As a risk management system, MSP must be proactive in the sense that it should
include planning for both regular succession (retirement, planned promotions)
and for eventualities, such as illness, fatalities and resignation.
Benefits of a comprehensive Succession Planning
Smoother Transition. Assuming a leadership position
in an organization places high demands on an individual and those demands
may differ significantly from business to business. A highly tuned succession
process can help to ensure that the incumbent leaders take significant responsibility
for 'grooming' their heirs, ensuring a smoother transition.
Reduce Managerial Entrenchment. Well-managed
succession programs have been shown to reduce the problem of a situation
whereby CEO's or other prominent leaders refuse to step down even
when they are performing badly or their retirement is long overdue.
Talent Development. Competent and respected
leaders can affect staff commitment and talent attraction in a positive
way. It is better to guide leaders through the business than recruit
a stranger from the market.
Appreciation by Investors. Investors and customers
are wising up to the need to recognize when a succession process is
working. This is apparent when the process is able to provide a suitable
successor, yet is flexible and sophisticated enough to recruit from
the outside if the right skills are not available within.
Special Interest Group
Management Succession Planning Special Interest Group.
Succession of a Nonprofit Founder
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Succession Planning and Employee Retention
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Narrowing down Variables
How do you narrow down the variables such as technological advances and strategic planning in succession planning? Especially for the areas in the organisation which require particular skills and know...
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Career Management, Career Planning, Management Development, Talent Management, Succession Planning Presentation about talent/career management and development including a lot of schemes which clarify each particular sec...
Talent Management, Talent Planning, Talent Acquisition, Talent Retention, Talent Development, Career Planning, Successio In-depth presentation about talent management. The following sections are included:
1. Talent Management and Globalizat...
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