...William J Rothwell, Putting Success into your succession planning May, 2002. This article identifies the factors and strategies that can assist an established or growing organization meet its continua yearn for skilled people at all levels of an organizational functions through succession planning. Succession planning is simply a process by which the management identifies the potential successors of different functions in the company, thereby creating different initiatives in ensuring the development of identified successors. Succession is all about a smooth continuation and success of the organization and it depends on the competency of the people. The article did hit some very strong points in identifying some good practices in succession planning and management, they are; Clarifying the purpose and desired result of the effort, determine what performance is required, measure the performance, determine what performance is needed in the future, assess the potential, establish a means to narrow the gap, follow up, document competence, create and sustain rewards for developing people, evaluate results and lead from the front. One of the important factors discussed in the article and I agree with is time, an organization has to realize that it is a long term investment, an investment the company needs to devote time and effort to building. The step outlined in the article which describes the best practices of succession is quite easy to implement and actualize, it’s all...
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...Recommendations with Implementation Succession planning core objective is to retain and develop vital leadership positions within an organization through a structured process. This process can be overwhelming especially if the need is immediate and if it is unclear on how it will be achieved. There are three categories recommended for the implantation of succession planning, these includes, developing potential officers and systems, short-term 0 – 6 months, continued growth and development, medium term which is 6 months to 1 year and finally, further development and assessment long-term between 1 to 3 years. Developing Potential Officers and Systems-Short Term A succession strategy must allow forsuitable individuals from within the BPD,...
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...SUCCESSION PLANNING Succesion planning is important subject in corporative governance and management. The structure of corporative governance defines distribution of rights and responsibilities between management, directors,employes and shareholders by defining rules and procedures within this structure, enabling to achieve short-term and long-term companies goals.To achieve these goals, a succession planning is a part of human resources management, a policy that companies carefully develop. Human resources management, especially succession planning takes advantge of the individuals personality assessments which include their career anchors, individuals self-concept, that he or she will not give up, even in the face of difficult choices.The...
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...Succession Management This year, Jim Pender, the President and CEO of Stonewall Industries, is set to retire after 40 years of service with the company. The executives from the new parent company, US Corp, have absolutely no idea who should replace Pender as President. All of the current VPs have various strengths and weaknesses and no one on the team seems to be viewed as the heir apparent. The internal candidates for the position would be VP Manufacturing, McBain; VP Mining, Khan; VP HR, Byer; VP Finance, Ho; and VP Marketing, Krajevski. Jones, VP of the Plastics Division is not viewed as a candidate because he doesn’t have gypsum wallboard experience. All of the candidates are viewed as ‘competent’ in their current roles. Byer and Ho are viewed as ‘exceptional’. Neither executive, however, has direct line management experience in the manufacture of gypsum wallboard. One of the key problems that the organization faces is that there is no formal performance management system in place, let alone a succession management process. Your group has been hired as consultants to US Corp with the mandate to: a. determine if there is a viable internal candidate for the President and CEO position within the Stonewall organization, and b. develop and implement a succession management process so that Stonewall will not find itself in this position again. Questions 1. Outline the major benefits of implementing a succession management process. (10 marks) - Succession...
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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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...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 need once they are absent. As the impact of technology has grown across global enterprises, IT has become critical to every corporate function, and IT effectiveness has become a competitive weapon. The key to maintaining department wide continuity and reliability is identifying not just the stars of tomorrow, but going a few levels deeper to scope out employees with the potential to step up to the plate years from now (Nash). Globalization and corporate productivity is driven increasingly by information technology’s ability to make data available to decision makers anytime, anywhere. The CIO must understand the company’s products, services and structure like never before and wear a number of different hats while working with internal and external...
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...GENESIS Lurgi is a leading international technology company operating in the field of process engineering and plant execution and design. Around the globe, Lurgi engineers, supplies and builds turnkey plants for application in the fields of gas technology, refining, in the petrochemical and polymer industries as well as for the renewable markets. As the market leader in this field Lurgi fulfills the customers' demands for a cost-efficient planning and construction of safe and profitable plants with the specified quality. In order to remain the first address in the field of plant contracting for all its customers, Lurgi continuously invests in the qualification of its employees and promotes innovation, commitment and flexibility - among others through job rotation and the exchange of employees within our global network of companies. For a couple of years already Lurgi has been part of the worldwide Air Liquide Engineering and construction network with a working relationship that streches back to 1970 and covers several completed projects, Lurgi and Air Liquide have an excellent knowledge of their own respective fields of their expertise. One of the key strength is that the technology owned and mastered by both companies are complementary. The combinations result in an enlarged capacity to meet customer’s needs especially in high potential markets linked to energy and environmental applications. Lurgi maintains a highly competitive edge by using proprietary technologies...
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...Succession Planning, A parallel between Corporate America and the American Military Cong T. Nguyen DeVry University Professor HRM594 October 07, 2015 Introduction Continuity, a word often spoke of but not practiced. In the human resources world, continuity has been and always good for business but due to many factors such as turnover rate, market and economic forces, succession planning is incomplete or was developed and gather dusts until an emergency arises. Being a military veteran, I’m always mindful of continuity and what it means to accomplish the mission. Succession planning is important as it ensures plans are in place to deal with disruptions of the workforce. In this paper, I will attempt to show how the Marine Corps’ concept of continued leadership development can take place of succession planning in the corporate world. I will use mostly journals from DeVry Database specifically ABI/Inform Global to prove my points and how the concept of continued leadership development should be used in the corporate world of America for better succession planning. Approach: As an HR manager or professional, one will almost assuredly deal with succession planning, to be more specific, continuity in the staffing of any organization. The problem is that at any given time, someone is thinking about a career change, and when they find a new job or career, they tend to drop everything and focus on the new job. This burning of bridges can cause human resource a lot...
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...Assignment #5 - Business Succession Planning Dr. Kerry Lanza Entrepreneurship & Innovation – BUS521 12/11/2011 1. Discuss the current small business start up success and failure rate in the U.S. market. As of 2009, according to the U.S. Small Business Administration Office of Advocacy there were 627,200 in successful start-ups, 595,600 in business closures and another 43,546 in bankruptcies. According to the Small Business Administration, over seventy five percent of jobs are created by small companies; and according to the Bureau of Labor Statistics' (BLS) job-growth projections for small businesses in the next ten years are on the rise for the following categories: IT, employment services, management, home health care, childcare, and entertainment. However, the business closures and bankruptcies are staggering. The recent failure rates in the US are due to a variety of reasons; the greatest at this point is the global economic recession. 2. Discuss the red flags for a small business related to business failure and bankruptcy. Approximately fifty percent of company start-ups shut their doors in approximately four years. This is due business owners not recognizing red flags such as insufficient planning, meager cash-flow managing, undercapitalizing, and too much debt. Many businesses fail to due the appropriate market research which would have justified whether there was a demand for their service or product. A major red flag, yet one time and again overlooked...
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...ETHICAL DILEMMA An ethical dilemma can be defined as a complex situation that often involves an apparent mental conflict between moral imperatives. In this movie context, an ethical dilemma is a debate between two moral principles, where two sides can argue about what is wrong or what is right. This is simply because each person has their own self-interest. However, there is no real answer to an ethical dilemma. It is simply a matter of what one believes in. In this movie, it tells us the story of parents who conceived a daughter which is Anna through genetic engineering in purpose to save her elder daughter Kate who was the patient of leukemia by donating her sister the blood and other body organs like kidney and marrow all over her life span. The ethical dilemma issue was portrayed in the movie started when Anna want to protect her own body from medical procedure by engage a lawyer and filed a law suit of medical emancipation against her parents. Now the question arises who is ethically correct? Whether Anna or her parents. Both sides argue that they are right and have a right to do so. From the parents’ perspective, the mother, Sarah fitzgerald strongly stick with ethics of care which a person should take care of the person close to him or dependent upon him. In this case, Kate depending on Anna for her living and Anna should help her out in every possible way. During the court session, Sarah make statement that people give their kidney to total stranger and...
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...Succession Planning: Insurance for the Organization's Future What is Succession Planning? Succession planning is a process whereby an organization ensures that employees are recruited and developed to fill each key role within the company (Mathis, Jackson & Valentine, 2013, p. 47). The process of succession planning begins by recruiting excellent employees. Managers in turn utilize their workers abilities and understanding by preparing them for advancement into more challenging roles. Succession planning essentially is what makes it possible for employees to continually advance into a needed role within the organization. So the sole purpose of succession planning is to ensure that the organization has employees ready to fill these new roles when needed. Done effectively, succession planning can prepare the company for expansion and organizational reform for new opportunities to help build your company for success. Why Should Businesses Use Succession Planning? Succession planning is a logical way for businesses to prepare for the future. Eventhough many employees think of succession planning as, who is going to take over the business? Succession planning is much more than just the changeover of ownership. Businesses must prepare to develop and interchange key employees and staff and anticipate and plan for the impacts that any transition in ownership could have. When succession planning is effectively executed, companies experience a smooth transition (Simoneaux &...
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...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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...Biology Biome: the largest division of the biosphere. Biosphere: the thin layer of air, land, and water on or near Earth’s surface in which all living things on Earth exists. Climatograph: A graph of climate data for a specific region. Ecosystem: a part of a biome in which abiotic components interact with biotic components. Biodiversity: the variety of all living species of plants, animals, and micro-organisms on Earth. Niche: The special role an organism plays in an ecosystem, including the way in which it contributes to and fits into environment. Structural adaptations: a physical feature of an organism’s body having a specific function that contributes to survival of the organism. Physiological: a physical and chemical event that occurs within the body of an organism that enables survival. Behavioral: what an organism does to survive in the unique conditions of its environment. Species: a group of closely related organisms. Population: all members of a particular species. Community: all the population of the different species. Bioremediation: the use of organisms (micro or plants), to break down chemical pollutants in water or soil to reverse/lessen environmental damage. Decomposition: breaking down of organic wastes and dead organisms. Biodegradation: action of living things such as bacteria to break down dead organic matter. Decomposer: change wastes and dead organisms into usable nutrients. Detrivores: consumers that obtain their energy by eating bodies...
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...What were the criticisms that the humanists made of the Catholic Church? The Catholic Church faced many criticisms from the humanists; the humanists were a group of intellectuals who supported the reform of the church, but did not propose new policies but rather a change to improve he intellectual and moral standards of the clergy. Despite affecting the church and the faith in the church there was not much impact on the ordinary people they were not interested in the corruption within the church providing it I did not affect their everyday worship. Their criticisms affected not only the church but also the followers of the religion, the impact on how it was preached and practised. One of the key criticisms were indulgences, these were pieces of paper signed by the people that could be purchased by the laity, this meant the recipient of the sin was cleansed an often saved their souls. However there was opposition against them as he believed the faith was the only true saviour of their souls. While these were helpful toward the church in the sense that there was an increase popularity of the catholic faith and people saw an escape route to a way to amend their mistakes, it had major negative effects on the church, from the humanists c criticisms, it meant many people saw corruption and truly religious people would have the same views as martin Luther, that only faith could ensure salvation and that it could not be achieved through Christians own effort. This meant that there...
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