Succession Planning Research Paper

Previously, the unexpected loss of an experienced leader without a timely replacement was extremely effecting the department. And just as Fibuch & Way (2012) suggested, the best solution to reduce those challenges is to cross-trained qualified employees within the organization for leadership roles. It is important also for organization to recognize and view their existing skill sets in terms of their future operations. Consequently, succession planning should be an essential element of organization's strategic

Once the assessment information has been gathered, the succession plan development can begin. The development process is based on various job skills and employee experience. In order to recruit talented employees, human resource management must team with the companies top executives to gather the appropriate data for analysis; for example, job descriptions, resumes and career files.

CtW also wanted to see McDonald’s come up with a board succession plan and publicly disclose these plans. This year, McDonald’s proxy statement has added language relating to a board succession plan. As of last September, the board determined to separate the roles of Board Chairman and Governance Committee Chairman to help spread independence around succession planning. Since most of the board is from the Chicago area, CtW wants to see the board have a broader approach in the future (Wohl, 2015). Nell Minow, a co-founder of governance advisory from GMI Ratings, expressed to the public that McDonald’s is overpaying their top executives while not providing strategic planning. She states what most of us were thinking that McDonald’s needs to find directors who are more in touch with today’s trends and move away from their “dinosaur” approach (Davis, 2015). Not being able to connect to today’s customers may be what is hurting McDonald’s earnings the most. Having an older board means that it is harder for them to be in touch with the young families and millennials who are more frequently going to healthier options, such as Chipotle. McDonald’s has responded to this by attempting to start offering healthier options on its menu.

My last recommendation is for the company to implement succession planning initiatives. Implementing succession planning initiatives will help alleviate the problem of not having qualified internal candidates for top positions and reduce turnover rate. With the help of succession planning, high potential individuals are developed and prepared for advancement or promotion into ever more challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. This way, Vitality will improved on internal candidate promotions for top jobs. The company should start by identifying key role positions and then identifying high potential individuals who can take over those roles. After that,

Family: the business can succumb to the familial conflicts over succession, money, or any other problem. The family should ensure the transmission, from generation to another, of the sense of commitment, and to permeate their ethos. Developing and respecting financial and managerial

Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.

By not just identifying high potential employees but also look at their skills, capabilities, strength, and also shortcomings, it is possible to provide interventional development opportunities and become proactive within the realm of succession planning.

Sharma, et al (1997), proposes that business must incorporate into the strategic planning process to ensure continuity and stability operations when the time comes to put succession into action. There are four issues that need to be addressed with family succession: succession planning, succession timing, interest of the next generation, and who chooses the successor. The issues must all be determined and planned for while developing strategic plan for the family business so that goals and quality service and products are achieved and the business makes a name in the community.

Succession planning is an ongoing part of organizational development and sustainability in for profit and non-profit organizations. Effective succession planning requires a high calibre of adequate partnership between the current leader of the organization and the board of directors. The governance of Nationwide Building Society is the fundamental purpose of the Board. It is the Board, acting on behalf of the members/users, which direct and control the organization, with the management and staff then implementing policy. Although board succession is important there are some challenges such as:

The principles and strategies used to run an organization can be used to run your most important organization, your family. If we used these methods we could create many more memorable moments in our family lives. In the analysis going forward I will outline how to achieve this based on a book by author Patrick Lencioni. It will show the correlation with his thinking to the methods used by today’s leaders.

The following analysis and corresponding recommendations around succession planning have been developed for the Red Rocks Community College Foundation (the Foundation). The report outlines the current organizational structure and status of human resource functions at the organization then identifies the three key positions that should be considered for succession planning. Best practices in general for succession planning are discussed as a way to understand why the recommended succession planning strategy has been chosen for the organization. Finally an action plan is included that identifies the steps to complete the

Recruitment is important for organizations, it helps in building organizations. However, when recruiting for an executive at a University it is important to remember that you are seeking for someone who will build and maintain growth that ultimately leads to success. Therefore, it essential to ensure that the executive recruiting process does not fail, failure can cause the University to suffer. Furthermore, without employing successful strategies for executive recruiting, the institution can be taking the risk of attracting under qualified candidates.

Succession planning is a strategic approach to ensure that necessary talent and skills will be available when needed, and that essential knowledge and abilities will be maintained when employees in critical positions leave. The smooth operation and future development of IT systems are indispensable to a company. Succession planning in the IT department is critical because you want to make sure the business is always prepared and protected while the technology’s role as a business enabler continues to grow. It is also particularly important in high tech because the field is so specialized and ever changing. An executive can never be in a position where he/she is leaving the business, worried about getting the support the organization will

According to Baridam (2001), it is not enough to review literature without presenting the studies by topic and determining how each of these topics relates to the researcher’s own study. A systematic presentation of the literature forms the foundation of the study.

Companies should also identify early on the talented individuals who can be developed for advancement.