Transcription of Emerging Best Practices in Succession Planning
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Emerging Best Practices in Succession Planning
Emerging best Practices in Succession PlanningKaren N. Caruso, Groehler, Succession Planning as a critical business process Trends influencing Succession Planning Practices Emerging best Practices in Succession Planning best Practices in actionWhat is Succession Planning ? Succession PlanningSuccession Planning can be defined as a purposeful and systematic effort made by an organization to ensure leadership continuity, retain and develop knowledge and intellectual capital for the future, and encourage individual employee growth and development. Why is Succession Planning such a Hot Topic ? Board concerns and directives Increased costs associated with external searches Increased turnover People who had been regarded as successors for key positions left by surprise High performers are leaving Managers complain that they have no one ready to fill vacancies Employees complain that promotion decisions are made unfairly Insufficient numbers of women and/minorities at senior levelsTrends Impacting Succession Planning Shifting demographics Shortfall in the number of future leaders Increase in attrition in executive level positions Economic conditions resulting in massive downsizing and increasingly flat and dynamic organizational structures.
Overview • Succession Planning as a critical business process • Trends influencing Succession Planning practices • Emerging Best Practices in Succession
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