Title: Succession Planning
While most of the companies follow the evolution theory in talent development only more than one third of the multiowner firms follow the talent development and have a written succession plan. (A 2009 tune up your firm’s succession planning. Dominic Cingoranelli. Journal of accounting march 2009). Although the talent development school is the best choice for many reasons, nevertheless it’s rarely used in a systematic way in many organisations. This paper will explore both schools of thought and shall provide many examples. Later, I shall state my opinion and justify it.
Table of content
Table of Content
2. Why succession planning
3. The evolutionary process of talent development
3.1 Mohamed Ibrahim optics
3.2 Masr for insurance
4. Succession planning and management
5. Talent development as a result of
sustained effort 9
5.1 Prizma for securities
5.2 Adel Elkholy for shipping
All around the globe there are two main opinions about talent management. One that states that talent can be developed by itself through the everyday work. On the other hand another school states that a talent must be discovered, nurtured, grow and retained. In the fast growing business world especially in last 2 decades many issues appeared that emphasise on taking a stand whether to follow the evolutionary theory or to follow the succession planning and management. Sometimes a company face a challenge if a key position worker disappears for any reason. For example taken by a head hunter, retirement or death. A place is vacant and to fill this place it would take maybe months. Not mention the amount of knowledge that was lost as this key employee was gone. As the competition increases in the business world there is no more loyalty, both from the company and the employee. To face those challenges big organisations must develop a plan not just to solve these situations but also to avoid them in the first place. This plan is a complicated process that requires the dedication of everyone involved. Its success can be measured by the people that affects. (Palma, M 2009, ‘Succession Planning’, PA Times (American Society for Public Administration, March, vol.32, iss. 3, pp.10-11). This report aims to explain and both theories from different vintage points. This paper has three sections. The first is the definition of succession planning. The next is examples of the evolutionary theory. The third section is about talent development as a result of sustained efforts to prepare the leaders of tomorrow. At the end I’ll briefly discuss my conclusion and give my recommendation.
2. Why Succession planning
Succession planning has been defined as:
A means of identifying critical management positions, starting at the levels of project manager and supervisor and extending to the highest positions in the organisation. Succession planning also describes management positions to provide maximum flexibility in lateral management moves and to ensure that as individuals achieve greater seniority, their management skills will broaden and become more generalized in relation to total organisational objectives rather than to purely departmental objectives.( Rothwell, W. J., 2010. Effective Succession Planning. Fourth edition ed. New York: AMACOM American Management Association.) Also it is the identification and development of...
References: 1. (A 2009 tune up your firm’s succession planning. Dominic Cingoranelli. Journal of accounting march 2009).
2. (Palma, M 2009, ‘Succession Planning’, PA Times (American Society for Public Administration, March, vol.32, iss. 3, pp.10-11)
3. Rothwell, W. J., 2010. Effective Succession Planning. Fourth edition ed. New York: AMACOM American Management Association.
4. ( www.businessdictionary.com)
5. (Baldoni, J 2008, ‘Making a Success of Succession Planning’, CIO Insight)
6. (The art of succession, By: Boyle, Matt, BusinessWeek, 5/11/2009, Issue 4130) 7. (Chief learning officer magazine, The CLO Succession Plan, March 2008 issue)
8. (Moskal, Planning for Succession, Baseline, October2008, iss. 89, pp. 12-14.)
9. Harper W.Moulton and Arthur A. Fickel, Executive Development: Preparing For the 21st Century (New York: Oxford University Press, 1993), p. 29.
Please join StudyMode to read the full document