HRM 3430 Lecture Notes - Lecture 7: Elitism, Headcount, Intellectual Capital
23 Apr 2017
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Succession management: the process of ensuring that pools of skilled employees are trained and available to meet the strategic objectives of the organization. Succession management is part of the talent management process. In the past, succession management focused on the ceo only. Now, it focuses on ceo, senior management (executives), critical roles based on long-term value, etc. Succession management is important because: ensures continuity in leadership by developing the (cid:862)next generation of players(cid:863, organizations must prepare for expected and unexpected turnover, plans for replacement of retiring staff. Previously: (cid:862)replacement planning(cid:863) finding replacement employees for key managerial positions. Replacement planning has evolved into succession management by: broadening the focus, expanding the time horizon, creating a talent pool of replacements. Five steps for succession management: align succession management plans with strategy: Using environmental scanning, managers try to predict where the organization will be in three to five to ten years: identify the skills and competencies needed to meet the strategic objectives:
