SUCCESSION PLANNING

[ Definition - Succession Planning ]

Succession Planning is the process of ensuring a suitable supply of successors for current and future senior or key jobs arising from business strategy, so that the careers of individuals can be planned and managed to optimize the organizations needs and the individuals aspirations.

1 : [ Meaning - Succession Planning ]

Refer to the process of planning for filling up the vacancies at higher levels when they fall vacant due to retirement, resignation, promotions & transfer of top-level executives. The need for succession planning may also arise when the company is creating more top-level opportunities. It may be from within the organization or people may be recruited from outside for filling up the vacancies.

2 : [ Elements - Succession Planning ]

Identification of key position : Identify the key position likely to be affected by retirement, resignation, promotion or transfer Appraisal of employees potential : HR manager must appraise the potentialities of the potential employees from within the org, to find out best suitable employees, who would match the requirement of the vacancy at the higher level. The manager would prepare & short list the most potential candidate for succession planning.

3 : [ Elements - Succession Planning ]

Select of the right person : The HR manager should provide the list of potential employees to the mgmt, which would facilitate the mgmt to make a decision on the selection of the candidate to fill up the vacancy at the higher level. Right person must be selected for succession planning. Length of service with the organization. Training and Development : Providing T&D to candidate under guidance of top executive who is going to retired. Placement : Candidate would be placed at the right job as and when post falls vacant.

4 : [ Factors - Succession Planning ]

Length of Service

Factors considered in planning Succession Planning

5 : [ Need & Importance - Succession Planning ]

Helps to fill up vacancies: Succession planning helps to fill up the vacancies at right time. As & when the post falls vacant, the candidate is made available to occupy the same. Recognition : The employees who are trained to take a position at higher level feels that there services are recognized and rewarded by the organization. Motivation & Job Satisfaction : Succession planning motivates the employees towards the work and also increased job satisfaction. It helps to fulfill their higher level needs i.e. HIGH ESTEEM needs.

6 : Guidelines - Effective Succession Planning Succession Planning should be customized to suit the needs of the organization. Succession Planning should be driven by the line function and not HR executives.

Succession Planning should develop key candidates, in anticipation of future openings.

Succession Planning should not just be selection, but development also. Succession Planning must be consistent with the future strategic direction of the company.

7 : [ Replacement Planning - Succession Planning ]

Replacement Planning is a process of replacing candidate or employee with another employee or candidate . The replacement can be done at the request of the employee, when a person finds it difficult to perform effectively in a particular position and or in a particular place then he may request for transfer. The company can also replace the employee with another suitable employee.