The paper "How Succession Planning Has Changed in the 21st Century" is a perfect example of management coursework. Succession planning is widely used today in organisations. The importance of this has increased with intensifying competition. Succession Planning is “ a process to identify the sequence so that organisations identify the talented employees and provide them with training so that they can position of responsibility in the future” . (Dumas, 2010) The importance has increased as organisations require the correct talent. Organisations use succession planning to “ build bench strength” (Dumas, 2010) for the organisation where they have a pool to choose from.
It will ensure that the business units have the required talent in house. This has gone a change with organisations looking forward “ to succession planning for all positions in the organisation instead of the top positions which were there previously” . (Dumas, 2010) A study conducted in this field shows that “ organisations give importance to succession planning and by using this as a tool to ensure future leadership for the organisation” . (Derr, 2002) This has made business units to consider it as very important.
Organisations prefer to fill the vacancies from within as “ the people working in the organisation understand the culture better and are able to articulate it clearly” . (Derr, 2002) Another study shows that “ succession planning has changed compared to the last 10 years as the business has evolved and finding the correct talent has become difficult” . (Messick, 2010) This is due to the fact that the “ age of workforce is increasing and with changes taking place in the business front finding the correct talent is difficult” . (Messick, 2010) This has transformed the way business performs. Another study shows that “ business units have undergone a change in the manner of succession planning so that the costs are reduced and revenues soar” .
(Messick, 2010) This helps to meet the growth. The firm is able to save on cost. This ensures that the changes succession planning has undergone will be taken care off. Succession Planning has undergone a change. Previously “ succession planning involved looking for CEO’ s but now a change is sweeping especially for Newspaper Company” . (Columbia & Levine, 2004) Today organisations look at succession planning for all levels.
This has become a priority option. “ Newspaper companies are looking to hire the correct talent irrespective of sex, provide them training and ensure retention” (Columbia & Levine, 2004) so that the vacancies when they appear to get filled. Succession Planning has undergone change due to “ change in the workforce” . (Beitler, 2005) This is putting more pressure on business units. Finding the correct talent is difficult. This is tougher due to the fact “ companies downsized their workforce during the ’ 90s and with the workforce ageing finding the correct person has become difficult” .
(Beitler, 2005) The policy to get in-house talent has become tougher. This is making companies look for new ways. This is making succession revolve and undergo change. Companies are specifically relying on it. For example, “ Apple computers also have a succession planning for Steve Jobs though they are not revealing it” . (Ante & McGregor, 2009) The company has not disclosed in the public. Still, they have a plan in place. This will help them to fill the vacancy. Thus, succession planning is seen as important by all.