...TABLE OF CONTENTS: 1.0 Introduction and Background Of The Study 4 1.1 Statement Of The Problem 6 1.2 Main Objectives 7 1.2.1Specific Objectives: 7 1.3 Research Questions 7 1.4 Significance Of The Study: 7 1.5 Limitation Of The Study: 7 2.0 Literature Review Of Succession Planning 8 2.1 Theoretical reveiw 8 2.1.1 Key Steps Towards Effective Succession Planning 9 2.1.2 Measures For Effective Succession Planning 13 2.1.2.1 Part A Measures: Group 1 -- Basic Plan Usage Factors. 13 2.1.2.2 Part A Measures: Group 2 -- Assessing Whether Your Plan Contains Key Design Features 14 2.1.2.3 Part B Measures: Group 3 -- Operational Indications Of Plan Success. 15 2.1.2.4 Part B Measures: Group 4 -- Measures Of Direct Business Impacts 16 2.1.2.5 Part B Measures: Group 5 -- Indications Of Plan Failure 17 2.2 Empirical Studies Of Succession Planning 18 3.0 Research Methodology 20 3.1 Introduction: 20 3.2 Research Design: 20 3.3 Area Of The Study: 20 3.4 Unit Of Enquiry: 20 3.5 Sample Size And Sampling Procedure: 21 3.5.1 Sample Size. 21 3.5.2 Sampling Technique 21 3.6 Data Collection Methods: 22 3.6.1 Questionnaires: 22 3.6.2 Interview: 22 3.6.3 Participant Observation: 22 3.6.4 Documentation: 22 3.7 Work Plan and Research Budget...............................................................................22 3.7.1 Research Activities & Work Plan.....................................................................22 3.7.2 Budget………………………………………………………………………...
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...CEOs and Succession Planning: Not so Charismatic” This article takes a look at CEO succession planning. It essentially focuses on charismatic CEOs and how they chose their successor. This article argues that the approach most charismatic CEOs take is flawed, hence, their successors tend to struggle. Most charismatic CEOs often do not make succession planning a priority until it is too late. In cases where a company puts a process in place, charismatic CEOs tend to be domineering in their choice of a successor. In other cases, charismatic CEOs die on the job, thereby making the transition shaky. Although this article delves into the open literature for insights, it also uses a case study to drive home the point that charismatic CEOs’ approach to succession planning is flawed. The challenges of succession planning are truer today than ever. Indeed, the abrupt departures of two important charismatic CEOs – Charles Prince of Citygroup and Stanley O’Neal of Merrill Lynch – in the aftermath of the 2008 financial crisis, which fetched these firms colossal losses have made scholars to beam their searchlight on this neglected aspect of corporate governance. The nonchalance with the way some CEOs handle the process of succession planning not only puts their companies in jeopardy, but also signposts a major criterion on which outgoing CEOs and their executive board members will be evaluated. Before we proceed, we will issue a caveat: the practice of succession planning runs ahead...
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...Running head: Thinking Ethically Thinking Ethically Lillian Castro Kaplan University MT203: Human Resources Management Andrew Toussaint May 26, 2012 Thinking Ethically Introduction Throughout this case study from the chapter 9 reading I will be discussing the issues related to mentoring, ethics, and succession planning. I for one strongly believe that ethical behavior is strongly important no matter where you are, but it is even more important when you work for an organization to develop and adhere to the ethical code of conduct and stick to it with consistency throughout the organization no matter what position you hold, from the highest most executive to the lowest of employees. Without the use ethical code of conduct any organization is doomed to have a future problems that will ultimately fail because the ethical code of conduct is overlooked. Review/Analysis of the Case In general the way that a senior executive should start by mentoring junior employees is first and foremost by behaving ethically him or herself. A senior executive should provide good examples of ethical behavior by adhering to the company’s code of ethics and teaching the new employee the responsibilities of the company. Showing what type of behavior is appropriate in the workplace and what is not appropriate. Leading by example is the best form of mentorship because it keeps the senior executive more honest and accountable to the junior employee. Also by showing...
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...| ELITE 9 | | | SUCCESSION MANAGEMENT | | Submitted to- Muhammad Abdul Baset Assistant Professor Department of Management Studies Jahangirnagar University, Savar, Dhaka. Submitted by- ELITE 9(Academic Group) Session: 2014-2015 Department of Management Studies Jahangirnagar University, Savar, Dhaka. Date of Submission: 25/02/16 ------------------------------------------------- Group Name- ELITE 9 Department of Management Studies Jahangirnagar University Savar, Dhaka. Members of the group- Name | ID | Tasnia Zannat | 682 | Farjana Akter | 684 | Manal Binte Md Ullah | 686 | Homaira Amin | 689 | Asura Akter Sunna | 692 | Raiyan-Ul Jannah | 694 | Munmun Rahaman | 695 | Fahima Sultana | 696 | Robiul Awal Tuhin | 697 | Course Name: Human Resource Planning Course Code: HRM-502 Group leader: Tasnia Zannat ID-682 Letter of Transmittal 25th February, 2016 Muhammad Abdul Baset Assistant Professor, Department of Management Studies, Jahangirnagar University, Savar, Dhaka. Subject: Submission of an assignment on “Succession Management”. Dear Sir, We the students of Elite 9 group from Department of Management studies of 1st batch. We are going to submit our report as the part of our course objectives. During the process of preparing the assignment, we get the chance of...
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...for Your Organization ...... 7 2. Identify Current and Potential Leaders Within the Company ...... 7 3. Identify Leadership Gaps ......................................................... 11 4. Develop Succession Plans for Critical Roles ........................... 12 5. Develop Career Planning Goals for Potential Leaders ............. 14 6. Develop a Skills Roadmap for Future Leaders ......................... 15 7. Develop Retention Programs for Current and Future Leaders . 18 Conclusion ...................................................................................... 19 Seven Steps for Effective Leadership Development Introduction The importance of business leadership is well articulated by this observation: A good leader can make a success of a weak business plan, but a poor leader can ruin even the best plan. That’s why developing effective leadership by using a consistent talent management program at all levels across the organization can return significant business value. To identify, attract, fill, and retain corporate leadership talent, companies need leadership development programs focused on hiring strategies, employee development, and career and succession planning. Currently companies are not well prepared to fill vacancies in their leadership roles. A 2008 study found that only 36 percent of the surveyed companies felt prepared to immediately fill leadership positions, as shown in Figure 1. Figure 1. Companies...
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...in the top management level. Whilst the aforesaid succession strategies were relatively successful, the need to plan ahead has rendered them ineffectual (Cannell, 2009). The nineties marked the period of growing uncertainty, of increasing sped of change in the business environment and flatter structures (Mowtani et al., 2006; Cappelli, 2008; Cannell, 2009). Without a doubt, it was difficult to ascertain as to whether or not the job one has will still exist after one year. It is because of this then that succession planning has increased its importance. Succession planning is defined as the process of identifying and developing internal people who possess the potential to fill key leadership positions in the company (Whitmore, 2006). In view thereof, many scholars believe that it is through succession planning that the company is assured that more people who are experienced and capable in assuming leadership positions are available. Whitmore (2006) further adds that it is because of the abovementioned that the so-called replacement planning for key roles is at the core of succession planning. This research paper has been devoted to the analysis of succession planning in the field of human resource management. In addition, it would also highlight the issue of succession planning in the hospitality industry. This research shall therefore be divided into the following sections: first, introduction; second, succession planning: an overview; third: the practice and...
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...Running Head: Developing Leadership Capital Succession Planning: The Critical Challenge for Law Enforcement of Developing Leadership Capital in the 21st Century Kelly Hedum University of Central Florida Abstract Succession planning is a critical leadership tool for ensuring organizational growth and continuity by eliminating substantial gaps in institutional memory, knowledge, and leadership through strategic placement of key personnel. One of the greatest challenges facing many organizations in the 21st century is how to affect a well designed change of leadership while maintaining organizational continuity and meeting or exceeding organizational goals. Current research suggests that many organizations will experience a leadership transition crisis in the absence of the implementation of a well designed, functional succession plan for the future. The purpose of this paper is to examine the leadership concept of succession planning and discuss two theories, trait theory and path-goal theory, and their relationship to the succession planning process. Succession planning is a six step process. Three important dimensions critical to succession planning as a leadership development tool include evaluating the future needs of the organization, the identification and development of leadership talent, and the ability to identify and implement results. Historically, succession planning is not part of an assigned role or task in a police agency and tends to get overlooked...
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...com/0262-1711.htm Integrating leadership development and succession planning best practices Kevin S. Groves College of Business and Economics, California State University, Los Angeles, California, USA Abstract Purpose – Organizations often fail to utilize managerial personnel effectively for leadership development and succession planning systems, and many execute these critical practices through separate human resource functions that shift the responsibility for leadership development away from line managers. The purpose of this article is to present a best practices model for optimal development of the leadership pipeline and a series of practical recommendations for organizations. Design/methodology/approach – A group of 30 CEOs and human resource executives across 15 best practice organizations were asked via semi-structured interviews to describe the content and delivery of their respective organizations’ leadership development and succession planning practices. Findings – Analysis of interview data indicated that best practice organizations effectively integrate leadership development and succession planning systems by fully utilizing managerial personnel in developing the organization’s mentor network, identifying and codifying high potential employees, developing high potentials via project-based learning experiences and manager-facilitated workshops, establishing a flexible and fluid succession planning process, creating organization-wide forums for exposing high...
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...MANAGEMENT MODULE M 1 GROUP ASSIGNMENT CASE: Multi Project Inc. (Multi projects strategic objective realisation through organisational structure, culture, and succession planning.) DATE: 07/06/2013 Please include the following declaration: “I/We hereby declare that this assignment is entirely our own work, and that it has not previously been submitted to any other Higher Education Institution. I/We also declare that all published and unpublished sources have been fully acknowledged and properly referenced. This includes figures, tables and exhibits. Where modified by us, this has also been indicated.” Print Name | Signature | ID Number | Deon Bouwer | | 7212015526084 | Janus Esterhuizen | | 8612185194085 | Johannes Kohn | | 8208255075088 | Martin van der Schyff | | 6107085047089 | Nicholas Hardman | | 8608195131083 | Vishnu Govender | | 7506285141080 | Riaan Botha | | 7301155045086 | Table of Contents Executive Summary: 1 Introduction: 1 Case Evaluation 4 Case Analysis Framework 5 External and internal organisational pressures: 6 Matrix organisational structure: 7 Resource allocation and information systems: 9 Organisational behaviour: 11 Addressing Professional Resource requirements through short term and long term planning as part of the Operational Strategy 13 Replacement planning: 13 Succession Planning 15 Talent Management 16 Conclusion: 16 Bibliography: 17 Figure 1: Swot analysis results from the Multi Projects Inc case evaluation 5 Figure 2: The basic...
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...Succession Plan Risks HRM 420 Mr. Cardillo January 25, 2016 Quest Diagnostics Succession planning is "a strategy for passing each key leadership role within a company to someone else in such a way that the company continues to operate after the incumbent leader is no longer in control" (Investopedia, 2016). Quest Diagnostics is "passionate about developing innovative, ground-breaking tests, products and tools to enhance patient care, provide value to our clients, and transform information into knowledge and insights" (Quest Diagnostics, 2000-2015). Due to the commitment to its customers and company a succession plan must be in place to avoid any interruptions during transition periods. Like all plans, a succession plan also runs risks; however, the following succession plan for Quest diagnostics will consider vacancy, readiness, and transition risks for the next President and Chief Executive Officer. It will also consider internal candidates and external candidates for the positions that need filling. Vacancy Quest Diagnostics needs to have a succession plan set in place in case the current the current President and CEO of the company retires or resigns. The current President and Chief Executive Officer is Steve Rusckowski. He is currently making "$9,266,835 in total compensation." (Salary.com) Steve is only 57 years old which means that in eight years, he will be at retiring age. Quest Diagnostics needs to plan ahead in case he makes an early retirement. ...
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...Question #1 The purpose of developing and maintaining a succession management process is to have a safety net for the company to fall back on, in situations similar to the one faced by Stonewall Industries. The succession management process is cultivated by the HR department and consists of qualified, trained candidates seeking a position within the company. The degree to which the risk management of the succession pool embodies is determined by the sufficient funds used to maintain it. Since the talent is being drawn from groups of individuals who are being sent on call in a moment’s notice, monetary compensation is expected. The overall ideal of having a succession management system in place is to enable a faster response to the impending need for an executive staff member. Benefits of implementing a succession management process are: 1. Improve internal candidate pools. 2. Assure business continuity. 3. Reduce skill gaps. 4. Retain employees. 5. Help individuals realize their career plans within the organization. 6. Develop leaders more quickly. 7. Encourage the advancement of diverse groups. 8. Improve employees’ ability to respond to changing environmental demands. Question #2 Creation of elite corps of employees: * Managers fear that publicly identifying those who will be promoted, a cadre of “crown princes” will be created. * They may coast through their job, they know that their contributions have already been recognized and the reward is in the...
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...APPLE, Inc. CASE STUDY WHATIS STRATEGIC MANAGEMENT AND WHY IS IT CRITICAL TO THE SUCCESS OF AN ORGANIZATION IN MEETING ITS GOALS AND MISSION? Regiane Velez Kaplan University GB520: Strategic Human Resources Management APPLE, Inc. What is Strategic Management, and why is it critical to the success of an organization in meeting its goals and mission? What is Strategic Management? The concept of "strategy" is based in a war scenario, the constant fights and battles over the centuries have caused the military to start thinking before you act- the battles are analyzed and planned in advance. In General Sun Tzu’s words: “The general who wins a battle makes many calculations in his temple ere the battle is fought.” When translating it to today’s Strategic Management’s words, it means: “Those companies and individuals who win in the business world make much calculation, planning and deliberations on their strategy and plans. Those who plan less have lower chance of success, much less those who don’t plan anything at all.” (Soo, 2011). Developing a Strategic Planning increases the likelihood that in the future, the organization will be in the right place at the right time. Strategic Management collects all activities and processes utilized by an organization in order to align resources and actions with mission, vision and strategy throughout the organization. When applied correctly, strategic management activities...
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...4 | 2 | Succession Planning | 5 | 3 | The Tata Tale | 8 | 4 | Leadership at Tata | 10 | 5 | Succession Planning Strategies within Tata Group | 13 | 6 | The Mistry Angle | 16 | 7 | Challenges before Mistry | 19 | 8 | … And Why he will survive | 20 | 9 | The Way Ahead | 21 | 10 | Conclusion | 25 | 11 | Appendix: Sample Succession Planning Forms | 26 | INTRODUCTION Look at any research worth its salt and one will find that ‘leadership’ is key to the success of any organization. And it is this which highlights the importance of succession planning. Experts believe succession planning is one of the most important functions of not just the human resources department of any firm but is the responsibility of the entire management. Indeed, the consequences of putting the wrong person in a position may be severe. As popular HR guru Arthur X. Deegan II puts it: “Succession planning is about putting the right people in the right place at the right time.” This perhaps best defines the need and importance of succession planning. The group has chosen to study Tata Group and its succession planning strategies for this project. While we realize that succession planning is a process that encompasses the entire organization, we have – because of the space constraint – limited our report for the most part to only succession planning at the chairman level. That said, we still have taken care to include, while formulating the final policy, succession planning strategies...
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...and Human Resources Planning If nothing else, my students should learn that… • It is important for HRM to align its policies and processes with the business strategy in order to provide value to the organization (external fit), and that the policies and processes are mutually reinforcing (internal fit). HR planning follows the same pattern as organizational strategic planning, and hence the two processes are complementary. • In order to evaluate the effectiveness of strategy, it is imperative to take the ‘people side’ into consideration. Sole reliance on financial documents (e.g., financial statements, cash flow statements, income statements) largely ignores investment in human capital. Learning objectives • Identify the advantages of integrating human resources planning and strategic planning. • Understand how an organization’s competitive environment influences its strategic planning. • Understand why it is important for an organization to do an internal resource analysis. • Describe the basic tools used for human resources forecasting. • Explain the linkages between competitive strategies and human resources. • Understand what is required for a firm to successfully implement a strategy. • Recognize the methods for assessing and measuring the effectiveness of a firm’s strategy. Why is this chapter important? The purpose of this chapter is to highlight the nexus of strategy and HR planning. It emphasizes the use...
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...firms respond to the pressure by reducing or even eliminating the time allocated to planning. In a nutshell, it seems as if the pressures of the new competitive landscape are pushing planning aside and forcing companies to simply act faster. Although the idea of planning before starting an activity is intuitively appealing, there are many criticisms of “plan first.” One criticism is that more could be accomplished if the time spent on planning was allocated to other activities. This “plan first or act first” dilemma may be most evident in the development of new ventures—mainly due to the narrow window of opportunity they seek to exploit. The argument is that planning is of little value at the outset of new ventures because time allocated to other activities is of more value at such a critical stage in the organization’s life. In other words, planning takes time away from making the firm a “reality” since the uncertainty and fast timing of entrepreneurial opportunities warrant quick action. Instead of pouring their efforts into planning, founders of new ventures might better spend their time on actions that immediately exploit the identified business opportunity. Another argument is that there is limited downside risk early in the firm’s life for mistakes because entrepreneurs have superior intuitions for identifying and evaluating opportunities. So spending time on planning at the expense of...
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