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Succession Management

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Discussion Assignment 1. Outline the major benefits of implementing a succession management process (10 Marks)
Organizations need to be prepared for inevitable and unpredictable change. Decision makers within a company, such as CEOs, CFOs, and other executives, will eventually retire, pass away or leave for other reasons. It is important for organizations to have a plan to replace these employees to ensure business continuance. Succession Management is beneficial as it ensures that a “qualified individual is ready to step into an opening in any of the key management areas” (Module 3: HR Planning and its subsets, Pg2). Organizations have values, ethics and ideas that they want to remain intact year after year regardless of who is in charge. Without a succession management program, an organization may not be able to ensure that crucial programs, services and responsibilities are carried on after an executive leaves the position.

Succession planning helps develop people as they prepare for new experiences and jobs, and this development can also help improve their performance in current positions. This allows for internal promotion, thereby helping employees realize their career plans and ambitions within the organization and positively motivating them. Ensuring that there is a plan in place, and employees ready to fill key positions that become vacant will provide a smoother transition as key positions are transferred from one employee to another. Succession planning supports new organizational structures and flexibility by explicitly providing backups to various positions, thereby reducing organizational dependency on any one employee. It saves time and money by having plans already in place to enable smooth internal employee movement and continuity; therefore, external hiring is an exception to the process. It also forms the opportunity for timely corporate...

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