Components of a Succession Plan
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The paper argues that companies must plan correctly to ensure that people are ready to assume a new position in the company, rather than simply being selected as a good candidate for that position. The paper discusses how succession plans can be ineffective simply because they have not been followed or utilized and therefore it is very important that plans are not just on paper but are actually addressed by the company and used appropriately. The paper emphasizes that companies who do not use these kinds of plans struggle with the sudden loss of anyone in higher management.
From the Paper:"Senior executives should be periodically reviewing the people who are in top executive positions, as well as those on the next lower level (Rothwell, 2005). That way they can find several different people as backups for each position that might become available. Years of careful training and grooming are generally needed before a person on a lower level is considered ready to take on one of these senior positions, so this makes finding these people quickly very important. Based on where people are in the overall business world now, it has been estimated that there is a critical shortage of both top and middle leaders, and that this will continue for several years to come (Rothwell, 2005). Because of that, organizations that want to continue to be successful will need to create candidate pools from which they can draw (Rothwell, 2005).
"All individuals in those pools should have a very high potential for leadership, not just be chosen because the pool needs to be filled by people so that the company feels 'safe.' This provides only a false sense of security and will not actually help the company to be successful in the future, because the people in the pool will not be able to undertake the training and the job duties that would be required of them (Developing, 2003)."
Sample of Sources Used:
- Axelrod, N.R. (2002). Chief executive succession planning: The board's role in securing your organization's future. Washington, DC: BoardSource.
- Berger, L.A. & Berger, D.R. (2004). The talent management handbook: Creating organizational excellence by identifying, developing, and promoting your best people. New York, NY: McGraw-Hill.
- Collins, M.E. (May/June, 2007). Next! How to plan for and ensure a smooth transition when your organization's leader departs. Advancing Philanthropy, 14:3.
- Developing your leadership pipeline. (December, 2003). Harvard Business Review, 81:12.
- Feather, J. (February, 2005). Smooth move. Association Management, 57:2.
Cite this Persuasive Essay:
Components of a Succession Plan (2011, November 30) Retrieved April 19, 2021, from https://www.academon.com/persuasive-essay/components-of-a-succession-plan-149232/
"Components of a Succession Plan" 30 November 2011. Web. 19 April. 2021. <https://www.academon.com/persuasive-essay/components-of-a-succession-plan-149232/>