Management Succession Planning

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Summary

What is Management Succession Planning? Meaning.

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 Process

  1. 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.

  2. 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.
  3. 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.
  4. 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.

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Five Rules for a Management Succession Planning System
Conger and Fulmer established five requirements for steady and reliable management succession planning.
1: The succ (...)
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🔥 NEW Succession of a Nonprofit Founder
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Succession Planning and Employee Retention
Succession planning also decreases employee turnover and increases retention dramatically. Employees will often not stay (...)
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Narrowing down Variables
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Expand Succession Planning to Include Key Skills/Knowledge
I would expand the definition of succession planning to include more than just covering top-level management. I believe (...)
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Cost of Succession Plan
How would you define the cost of implementing a succession plan? (...)
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Succession Planning Methodology?
This subject is crucial for organzations. Is there any step by step approach for the implementation of succession planni (...)
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Top-3 Pitfalls in Talent Management: Common Mistakes by Talent Managers

Talent Management, Management Pipeline, Leadership Pipeline, Management Development, Management Succession Planning
In companies talent management failures are made at various levels, from strategic failures to process and management fa (...)
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Talent, Career and Succession Management and Management Development

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Creating a Succession Plan Step by Step

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Compare with: Employability  |  Employee Development  |  Career Management  |  Management Development  |  Mentoring  |  Coaching  |  Talent Management

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