Module 6: Succession Planning Flashcards
What are the 5 learning objectives of Module 6: Succession Planning?
1) Define succession planning
2) State why succession planning is important
3) Outline the steps for best practices in succ planning
4) Analyze the succession needs of an organization
5) Develop a succession plan for an organization
What is succession planning?
A process for identifying and developing employees who have potential to fill key leadership positions in a company.
What is the “heart” of succession planning?
Replacement planning for key roles
Why is succession planning important?
Succession planning increases the availability of experienced and capable employees that are prepared to assume key roles as they become available
Succession planning begins with the idea that everyone identified as eligible for promotion MUST
Be either a super keeper or keeper
What are the (4) steps for best practices in succession planning?
1) Develop a talent pipeline and schedule training/development activities
2) Introduce a GLOBAL leadership competency model
3) Focus on performance (over seniority or prestige)
4) Ensure that every employee is part of the performance evaluation process, in order to identify ALL potential leaders.
What is the “prescription” for defining and maintaining the succession planning process?
- Assess key positions
- Identify key talent for those positions
- Generate development plans for key talent
- Create a monitoring and review system
What is Succession Management (TM Handbook, ch 11)?
the daily process of cultivating future talent through coaching, mentoring, feedback, counseling, and development.
What is Workforce Development (TM Handbook, ch 11)?
the process of comparing the match between the collective talents available to an organization (supply) and the talents needed by the organization (demand) to achieve its strategic objectives.
