A Case Study in Business Succession Planning | Isaac Wiles

 

succession planning case study

Jan 17,  · This is the second in a two-part series on succession planning. Read seven steps to successful succession planning here.. Case study: the PLC. The investors and board of Author: John Welsh. In our succession planning case study, our client was an independent, not-for-profit global organization that writes standards, tests and certifies products for the food, water, and consumer goods industries to minimize adverse health effects and protect the environment. Over 1, employees in 23 countries currently serve companies in more than countries. Jun 11,  · Everything You Ever Wanted To Know About Succession Planning In 15 Minutes {free case-study} Home» Everything You Ever Wanted To Know About Succession Planning In 15 Minutes {free case-study}» Employee Appraisals» Everything You Ever Wanted To Know About Succession Planning In 15 Minutes {free case-study}.


Succession planning - HBR


The concept of succession is several centuries old. This was done to ensure that when the king is not able anymore, the crown prince can confidently take over the throne, minimizing instability within the kingdom. For without a proper succession plan, the throne is open to a free-for-all, which could only mean anarchy. The primary need for succession planning in the current day corporate world is much the same — to maintain continuity and stability.

The wrong or delayed replacement for the vacant leadership role succession planning case study lead to a plummet in stakeholder confidence, drop in profits and ultimately the disintegration of your entire enterprise! So a good succession plan is an investment, worth its weight in gold.

It helps in four very important ways:. Mark is the Chairman of a family run textile business, who has the love and respect of his family, clients and employees. Now he is unable to manage the business. In such a situation, the questions that can arise:. According to the U. Office of Personnel Managementthere are 6 steps to efficient succession planning:. Here the senior leaders identify the long-term vision and direction for the company and its workforce.

Mark and his close advisers need to decide where the company is headed — if the current organisational structure needs a revamp, if it needs to adopt a new hiring strategy during the economic crisis etc. Once the senior leaders identify core competencies and technical competency requirements, they need to understand what the current employee hiring frequency is like and if there will be any dearth of quality applicants in the future.

This is followed by developing a business plan based on the long term leadership talent needs. Mark needs to understand the experience levels and industry know-how that will be required to replace him and other senior leaders in his business.

Then he can chalk out a business plan outlining the number of people who will need to be trained or hired to take up leadership roles in the long term. This step involves assessing competency and skill levels of current workforce, analyzing external sources of talent and identifying talent with critical competencies, early on in their careers.

Mark needs to identify senior management and other staff members who would, for their specialized skills or level of experience, be hard to replace. He also should identify those in the existing and external talent pool who can be trained to fill these positions.

There is a need then to develop recruitment, retention and development strategies for the future leaders. Mark needs to find out what incentives will help in recruiting talented leaders — is it recruitment and relocation bonuses or certain special programs?

He then needs to figure out how to retain these extraordinary resources, whether it is through retention bonuses or programs to improve work-life balance. Then plan on communicating these strategies to the employees and determining the most relevant measures of success.

Mark needs to sign-off and allow for the implementation of the succession activities. This includes communicating to Jake, his nephew, the future planned for him at the company and having him shadow Mark until he is ready to take over. Senior management needs to track how successful the hires have been from external talent pools and internal hires.

Also one can analyse satisfaction surveys from customers, employees, and stakeholders. If he is seen to be falling short of meeting his targets corrective measures need to be taken. A successful succession management program requires collaboration between the CEO and the succession management team of a company to ensure growth, without major succession planning case study. Let us know! Author Bio. Leave this field empty. What is Succession Planning? What is the Importance of Succession Planning?

In such a situation, the questions that can arise: Picking a successor is a long drawn process. In the interim, what if a wrong decision is taken, on behalf of Mark, regarding an important deal?

What of the financial and perceptual impact on the business? Since Mark is getting forgetful, who has enough company know-how and seniority to decide on the successor? Planned in advance : By beginning long before Mark is no longer able to run the organisation, so that his insights can be passed on to his successor Inclusive of relevant training for the successor Strategic Succession Planning Template According to the U.

Office of Personnel Managementsuccession planning case study, there are 6 steps to efficient succession planning: Step 1: Link Strategic and Workforce Planning Decisions Here the senior leaders identify the long-term vision and direction for the company and its workforce.

Step 2: Analyze Gaps Once the senior leaders identify core competencies and technical competency requirements, they need to understand what the current employee hiring frequency is like and if there will be any succession planning case study of quality applicants in the future. Step 3: Identify Talent Pools This step involves assessing competency and skill levels of current workforce, analyzing external sources of talent and identifying talent with critical competencies, early on in their careers.

Step 4: Develop Succession Strategies There is a need then to develop recruitment, retention and development strategies for the future leaders. Step 6: Monitor and Evaluate Senior management needs to track how successful the hires have been from external talent pools and internal hires.

Succession Management Best Practices A successful succession management program requires collaboration between the CEO and the succession management team of a succession planning case study to ensure growth, succession planning case study, without major discontinuities Some of the succession management best practices that can be followed by companies are: Prioritizing succession planning — HR and senior managers need to put succession planning on the top of their to-do list.

Typically these individuals are overwhelmed with work so they tend try and close the succession planning case study that result in short-term benefits first. This leaves bigger activities with long-term benefits in the back-burner. Care must be taken to not let this happen.

For smaller businesses it might just be CEO and Business manager. Senior leaders are personally involved : Senior leaders, along with HR, hold themselves accountable for growing leaders. Also, succession planning case study, use of workforce data and analysis are part of the process.

Linking succession planning to HR processes — Performance management, Compensation, Recognition, Recruitment and Retention, Workforce planning ; all need to be linked to succession planning. Without succession planning you cannot ensure leadership development, succession planning case study.

Planning for all key positions: Succession planning does not only mean planning a succession path for CEO. A careful strategic planning for the eventual replacement of people on all key positions should be considered. Identifying and grooming high potential: Succession management is a continuous process that involves identifying and grooming high potential and high performing employees HIPOssuccession planning case study, so that they can be retained in the company.

The HIPOs are succession planning case study ones who want to move up in your succession planning case study and demonstrate leadership traits in their personality. Avoid biases : It is important to be able to zero-in on the right successor, succession planning case study, without personal judgments or office politics clouding decision making. In addition, the development process of employees should be kept simple so that the development objectives are not too hard to achieve for employees.

Using nine-box matrix: The performance potential graphs or 9-grid box can allow you to quickly gather data from your organization and identify employees on the basis of the ratings and comments given to them by their managers, succession planning case study. These rating are generally assigned on the basis of the employee performance, corporate values, and perceived potential. Employee Strength: Some companies have very few employees, thus there is no room to hire from within the organisation Dearth of financial resources: Money truly makes the world go round.

A good succession planning HR software allows you to monitor talent pool in your organization and match it with the future requirements of the company. A cloud based online succession management system allows you to access a world-wide talent pool and for large scale integration of data. Succession Planning succession planning best practices succession planning process succession planning template what is succession planning. Tushar Bhatia. He writes on various HR related issues and trends that include strategic hr, performance management, best practices for recruitment, employee engagement and retention etc.

On an average his blogs are read by about 2 Million professionals annually, succession planning case study. Leave a Reply Cancel reply Your email address will not be published, succession planning case study. Cookies are important to the proper functioning of this site.

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Succession Planning Case Study | Droste Group

 

succession planning case study

 

In our succession planning case study, our client was an independent, not-for-profit global organization that writes standards, tests and certifies products for the food, water, and consumer goods industries to minimize adverse health effects and protect the environment. Over 1, employees in 23 countries currently serve companies in more than countries. Oct 01,  · GE Succession Planning - A Case Study, talks about the succession planning methodology to choose Jack Welch. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It’s a broader approach that considers a variety of factors and calls upon other business disciplines for assistance, such as strategy, talent management, recruitment, leadership development, and succession planning. Employee Engagement Case Study. Let’s consider a simple case study.