Succession Planning Essay

Masters
Essay
Business
Pages 20 (5020 words)
Download 0
Succession is an important activity in any company. With the average age of the employees going up, it is quite normal to find a larger percentage of people nearing the retirement age. The succession and succession planning is different from the way replacement plan is done normally…

Introduction

While aging of the staff is major contributor to the commencement of the issue, it is also true that a lack of skill levels in the staff also makes succession planning a major issue.
This is particularly true in the case of public sector. Nearly 50% of the people employed by the US government is eligible to retire, says Douglas Braddock (1999). One in five senior executives of Fortune 500 companies will have to retire before the year end. All this mean that succession planning is becoming more meaningful to government offices as much as it is for private enterprises. He further says that man power requirement due to replacements (34.7 million) in organisations will far outstrip the requirements due to increase in business (20.3 million). While on one side there is a vacancy coming up, on the other side there is no talented and qualified people to hire from. According to Manpower (Jan 2006), nearly 44% of employers find difficulty in getting the right kind of person with the required skill level to fill the vacancy that is existing in the company.
The succession planning is different from the replacement planning in the sense that while replacement planning will look for one single person and find a replacement for him from the market. ...
Download paper
Not exactly what you need?

Related papers

Family Business Succession
Family business succession has become one of the critical issues in the modern family organizations. This is more so in terms of leadership and the management of the firms. In most cases, conflicts arise among the stakeholders on who is supposed to take the leadership in case the leadership positions remain vacant due to various causes. It can also lead to intergenerational conflicts which can…
Planning for Growth Essay
(d) Organizational structure explains that vertical structure is better for restaurants as everyone has to perform specific goal and also provide the best ways to organize, orient and train the restaurant staff (Airman, 2010). (e) Customer and promotion explains how to deal with the customer’s needs and their expectations and also what kind of promotion should be used for a new restaurant. (f)…
Strategic Planning Essay
In broader sense, strategic planning is a decision making activity (Zuckerman, 2012). Strategic Plan As a Crucial Component of Dynamics of Rapidly Changing Technology Every organization has certain systems of strategic planning, whether implied or unambiguous. The core of strategic plan lies in developing bright future for organizations and to accomplish competitive advantage over other rivals.…
Essay on Business Planning
Business plans have both weak and strong components that are unique to respective plans and businesses. Description of Business Plans Trend Setters Hair Studio Business Plan The plan focuses on a beauty and hair salon called Trend Setters Hair Studio. It begins by presenting an executive summary of the salon business. The mission and motto of salon is equally mentioned (B Plan, 2012). After the…
strategic planning Essay
Usually based and depending upon the feasibility of each individual business set-up, strategic planning differs in their approaches. The most typical amongst these approaches is the three stages: "Situation" evaluation of current state and future state scenarios, "Target" defining of the detailed goals and objections, and lastly the "Path" indicating the route for attaining the targeted goals and…
Succession Planning
In simple terms, succession planning is an organisational process of pinpointing or selecting certain competent people as successors for key executive appointments like CEO, CMD etc. after expiry of terms of their current occupants and proactively planning their career moves in that direction.…
Succession Planning Essay
While aging of the staff is major contributor to the commencement of the issue, it is also true that a lack of skill levels in the staff also makes succession planning a major issue.…