Ch 7: Succession Management

Question 1

Succession Management

Answer 1

• Systematic process of identifying high-potential candidates to fulfil future critical role needs

Question 2

Examples of critical roles

Answer 2

The CEO

The senior management team (executives)

Critical roles based on long-term value to the customer relationship specialists)

Question 3

Three reasons why organizations have succession management

Answer 3

1. Reduce skill gaps
2. Ensure a smooth transition
3. Retain employees

Question 4

Evolution of Succession Management

Answer 4

Replacement planning
Broader focus
Expanding Time Horizon
Creating Talent Pools of replacements
Improving Rating Systems

Question 5

Replacement planning

Answer 5

Practice of filling in roles in emergencies

Question 6

Broader focus

Answer 6

• instead of focusing on the job, succession planning focuses on the long-term career goals of the employees

Question 7

Time Horizon

Answer 7

• Traditional planning looked at \short-term replacements within one year

Succession management looks at a longer term( after ensuring that immediate replacements are in place and focuses on a future of two years or more

Question 8

Talent Pools

Answer 8

Traditional models look at identifying the next capable person- top performers usually groomed by managers

Succession management tracks the internal talent pool, segmenting talent pools to find those crucial to the organisation. Involves tracking external candidates too

Question 9

Rating System

Answer 9

Traditional planning relied on the identification of replacement by single-rater- info can be out of date and inaccurate

-Succession management: uses several raters- 360 degree approach

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Question 10

Succession Management Steps

Answer 10

1. Align SM plan with Strategy
2. Identify skills and competencies needed to meet strategic objectives- Job based, competency-based approach,
3. Identify high-potential employees
   (replacement charts, temporary replacements)
4. Provide developmental opportunities - coaching and metoring, job rotations, special assignments
5. Monitor succession management: get engagement score and hih-potential worker’s perception

Metrics: Increased retention rates, Increase in positive job evaluations after promotion, increased number of candidates for key roles

Question 11

Employee Role in Succession Management

Answer 11

-Employees will participate in development programs more eagerly if they are in line\ with their career goals- so know their goals and hear what they want

Question 12

HR r\ole in succession management

Answer 12

-Risk mitigation:

1. Vacancy risk: Organizations that are unable to fill key vacant positions
   quickly with effective leaders may suffer business losses and/ or an inability to move forward on strategic goals. \
2. Readiness risk: HR must develop employees so that when opportunities arise, qualified and motivated personnel are in place.
3. Transition risk: In addition to preparing employees for key roles, HR must develop programs to retain key employees, and to monitor competitors and others to be able to quickly identify external candidates.

To do this HR must focus on having a culture of talent management, develop successors for all key positions, identifies gaps between current competencies and those needed in the futue