Ch 8 Succession Management, 8 q's on exam Flashcards
Succussion management (def)
The process of ensuring that pools of skilled employees are trained and available to meet the strategic objectives of the organization.
Replacement planning (def)
The process of finding replacement employees for key managerial positions.
What are the drivers for succession management programs?
- Current or imminent leadership gaps.
- Lack of desired knowledge and or skills
- Layoffs/workforce reductions
- Lack of understanding company’s current workforce
What percent of companies report having formal succession plans in place?
26%
Replacement planning has evolved into succession management by:
- Broadening focus
- Expanding the time horizons
- Creating a talent pool
- Improving the evaluation system
What has changed to broaden the focus of succession management?
Previously only focused on:
- high level or key positions only
- people had single careers in their life time, replacement just in time
- replace the for the job instead of the person
- KSAO’s looked the same for future outlook
- Old business and market strategies that are now different
Key reasons for succession management:
- Provide opportunities for high-potential workers - intellectual capital
- Increase the talent pool of promotable employees.
- Contribute to the implementation of the org’s strategic business plans.
- Help individuals realize their career plans.
- Encourage advancement of diverse groups.
- Improve employee morale
- Reduce head count - decide who could be terminated, cope with downsizing, and voluntary separation.
Does succession management look at short-term or long-term planning and why?
Long-term:
Allows for intake and career management of those with different skills in growth areas.
Assumes change in the business is inevitable.
Creates a pool of candidates.
Why are talent pools important to succession management?
- flatter organizations with less “apprentices”
- Can’t assume lifetime with one company
- Employees don’t feel tracked and singled-out, less of a competition culture
Talent segmentation (Df)
Identification of employees who are critical to the success of the organization and is expected to become as important as customer segmentation.
In addition to an internal talent pool, what must be tracked and why?
External candidates:
- new/fresh talent & KSAs
- Unable to predict & internally develop some skills they will need
What are the advantages to hiring internally?
Sustained valuable firm-specific knowledge
Increased commitment from HR programs
No on-boarding time
Recruitment and selection costs are lower.
Who gives ratings in succession management?
- several people, 360 degree feedback
What are the key differentiating factors between succession planning, and succession management?
Environment Focus Time Frame Selection criteria Appraiser Selection pool Successors Development
What are the 5 steps in succession management process?
- Align succession management plans with strategy
- Identify skills and competencies needed to meet strategic objectives
- Identify high-potential employees
- Provide development opportunities and experiences
- Monitor succession management
