{"id":2135,"date":"2022-10-21T07:25:38","date_gmt":"2022-10-21T07:25:38","guid":{"rendered":"https:\/\/sdfinancialservices.in\/?page_id=2135"},"modified":"2022-10-21T07:34:08","modified_gmt":"2022-10-21T07:34:08","slug":"succession-planning","status":"publish","type":"page","link":"https:\/\/sdfinancialservices.in\/index.php\/succession-planning\/","title":{"rendered":"Succession Planning"},"content":{"rendered":"\t\t
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Succession Planning refers to preparation for handing over the mantle of an organization in the event of Retirement, Resignation, or any other unforeseen circumstance to a suitable person. Succession takes place in the family as well. Son takes place in the position of father after his demise. The Succession Planning is a need of all organizations irrespective of their size.<\/p>

Succession Planning is necessarily a process of developing a leader who can take place in the position of existing leaders when they retire or leave. This helps the organization in continuing the business uninterrupted. Succession Planning is an important part of business strategies incorporate Sector. Therefore, it is also called\u00a0Corporate Succession Planning.<\/p>

Succession Planning is an important part of the Human Resources Planning. It is not certain as to how many employees will continue in the organization. Suddenly leaving the organization will create a vacuum and affect the functioning adversely. Hence, HR Dept. has to be in preparedness to meet such eventualities. They have to keep on identifying the key positions and employees to fill such positions on an ongoing basis.<\/p>

NEED FOR SUCCESSION PLANNING<\/h4>
  • <\/i>\u00a0Identifying the key area and position<\/h5>

    This is the first step in succession planning. The key area and position should be chosen carefully, looking at the need of the organization.<\/p><\/li>

  • \u00a0<\/li>
  • <\/i>\u00a0Identifying the traits for the key area and position<\/h5>

    The required capabilities are to be identified for the identified position to select a suitable candidate.<\/p><\/li>

  • \u00a0<\/li>
  • <\/i>\u00a0Identifying a suitable candidate<\/h5>

    Based on the traits required for the identified position, the capabilities of the identified suitable candidate must be assessed.<\/p><\/li>

  • \u00a0<\/li>
  • <\/i>Grooming and Developing<\/h5>

    Then identified candidate is educated and groomed by imparting knowledge through training, required for the identified position.<\/p><\/li>

  • \u00a0<\/li>
  • <\/i>\u00a0Handing over the mantle<\/h5>

    The candidate groomed as per the requirement of the position is then placed in the position to take the mantle.<\/p><\/li>

  • \u00a0<\/li>
  • <\/i>\u00a0Evaluation<\/h5>

    This is the last step in succession planning. The performance of the identified candidate is closely monitored and evaluated.<\/p><\/li><\/ul>

    Succession planning aims to develop leadership substitutes for the unhindered functioning of the organization.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    Matrix used in succession planning<\/h3>

    The following matrix is used for successful planning<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tEmployees Turnover\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tThe overall turnover rate of the employees is to be assessed and a certain level of no. of employees are to be maintained. This is done to meet shortage due to suddenly leaving the organization by the employees.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tRetention of Key employees\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tEfforts are to be made to retain talented employees, who could be future leaders by offering them Training, Monitory benefits, etc.\n\n\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tIdentification of open positions\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tOpen positions are to be identified and filled up from the identified succession candidate within the organization.\n\n\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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    \n\t\t\t\t\t\t\n\t\t\t\t\t\t\tRecruitment\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t

    \n\t\t\t\t\t\tWhen an open position cannot be filled from within the organization, recruitment from outside has to be done. As it is a time-consuming process, it has to be started well in time so that there is no gap in between.\n\n\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    MODEL USED IN SUCCESSION PLANNING<\/h3>

    The following are popular models used in the Succession Planning:<\/p>

    1. Mass Recruitment:<\/strong> In this model, adequate number of employees are recruited so that suitable candidates are always available within the organisation on the account of resignation, retirement, death, etc. All employees undergo training and professional development programs. It encourages all Junior, Middle, and Senior level employees to take part in a leadership development program. This a cost-intensive exercise as a large no. of employees are trained.<\/li>
    2. Specialized Recruitment:<\/strong> In this model, a very few employees are trained for a leadership role in an organization. These selected employees are given specialized training to face a certain situation and business conditions. This is a cost-effective exercise as training is imparted to a few selected employees only.<\/li>
    3. Outside Recruitment:<\/strong> In this type of model, employees are recruited from outside the organization. This is done in case specialized employees are not available within the organization for the leadership role. This is time-consuming and costly.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Succession Planning refers to preparation for handing over the mantle of an organization in the event of Retirement, Resignation, or any other […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-2135","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/pages\/2135"}],"collection":[{"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/comments?post=2135"}],"version-history":[{"count":7,"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/pages\/2135\/revisions"}],"predecessor-version":[{"id":2143,"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/pages\/2135\/revisions\/2143"}],"wp:attachment":[{"href":"https:\/\/sdfinancialservices.in\/index.php\/wp-json\/wp\/v2\/media?parent=2135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}