Final Exam Flashcards
What is succession mgmt
The systematic process of determining critical roles with the organization, identifying and evaluating possible successors, and developing them for these roles.
Why do organizations have succession mgmt programs?
- improve internal candidate pools
- assure business continuity
- reduce skill gaps
- retain employees
- help individuals realize their career plans within the company
What is replacement planning?
The process of identifying short-term and long-term emergency backups to fill critical positions
What are the advantages of internal candidates and advantages of external candidates?
Advantages of internal:
1. organizations have more and better info about internal candidates
2. organizations that offer career development and opportunities to internal candidates increase commitment and retention among their employees.
3. Internally developed leaders preserve corporate culture.
Advantages of external:
1. may have better skills to lead the organization through a major transformation or change in strategy
2. The external candidate brings new knowledge and skills to the organization and prevents the organization from becoming inbred and stale
What is the succession mgmt process?
- Align succession mgmt plans with strategy
- Identify the skills and competencies needed to meet strategic objectives
- Identify high-potential employees
- provide developmental opportunities and experiences
- monitor succession mgmt
In the past succession planning only focused on the CEO, now it focuses on what three roles?
- CEO
- Senior mgmt (executives)
- Critical roles based on long-term value
Replacement planning has evolved into succession mgmt by:
- Broadening the focus
- expanding the time horizon
- creating a talent pool of replacements
- improving the evaluation system
What happens in step 1 of succession mgmt: align succession mgmt plans with strategy?
- organizations must start with the business plans and strategies
- using environmental scanning, managers will try to predict where the org will be in 3, 5 or 10 years
What happens in step 2 of succession mgmt: identify the skills and competencies needed
the skills and competencies of managers must be identified using the 1. job based approach and 2. company based approach
What is the job based approach?
Focus on duties, skills, job experiences and responsibilities required to perform the job
Sometimes not adequate due to rapidly changing jobs.
What is the competency based approach?
Focus on measurable attributes that differentiate successful employees from those who are not
produces more flexible individuals
What are some types of competencies?
- core competancies
- role or specific competancies
- unique or distinctive competencies
what are core competencies?
characteristics, such as thinking skills, that every member of the organization is expected to possess.
What are role or specific competencies
characteristics, such as business knowledge, shared by different positions within an organization.
What are unique or distinctive competencies?
characteristics, such as expertise in media relations, that apply only to one specific positions within an organization
What happens in step three of succession mgmt: identify high potential employees?
Organizations use several approaches to identify managerial talent, including:
- temporary replacements
- strategic replacement
- replacement charts
- talent mgmt culture
- replacement tables
What are some mgmt development methods?
- promotions
- job rotations
- special assignment and action learning
- formal training and development
- mentoring and coaching
What is a promotion?
An employees upward advancement in the hierarchy of an organization
What is a job rotation?
A process whereby am employees upward advancement in the hierarchy of an organization is achieved by lateral as well as vertical moves.
Moe effective training and development techniques include:
- role playing
- case studies
- behavior modelling
- action learning
- experiental learning
What are mentors
Executives who coach, advise and encourage junior employees
What happens in step 5 of succession mgmt: monitor succession mgmt?
- corporations with successful succession mgmt are higher performers in revenue, growth, profitability and market share
- HR metrics can be used to help monitor succession mgmt
Some HR metrics for succession mgmt include:
- increased engagement score
- increse positive perceptions of development opportunities
- high potential employees perceptions of the succession mgmt process
- higher participation in developmental activities
- greater numbers involved in the mentoring process
What are HR metric lag measures
Only useful in they are compared to benchmarks from the previous year:
- increased avg number of candidates
- reduced avg # of positions having no identified successors
- increased % of managers with replacement plans
- increased % of key positions filled according to plans
- increased ratio of internal hired to external hires in key positions