The paper "How Succession Planning Has Changed in the 21st Century" is a perfect example of management coursework. Succession planning is slowly getting relevance. With the passage of time and intensifying, competition succession planning has transformed. Organisations are giving it a priority and are looking for ways to match the changes. “ Succession Planning is identifying the talented employees in the company and providing them training and experience so that they can fill up the position of responsibilities in the company” . (Dumas, 2010) Competition has made the organisation “ strengthen their bench” (Dumas, 2010) so that vacancies can be filled in house.
This will provide options to choose from. This has gone for 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) This will ensure that none of the places is ignored and to succeed it is important that individual departments are competent. A study shows that “ succession planning especially family-owned business has transformed as importance has been laid on it to identify the correct talent but the major obstacle is the acceptability by all thereby not satisfying all stakeholders” .
(Bob, 2002) This journal highlights that with evolving time family business units also need to transform the way succession planning is done. This thus highlights the changes success planning is accounting for. Another study supports that “ organisations planning for succession planning should ensure that the change in person matches the unique requirements of the organisation to ensure that the changes are easily acceptable and helps to yield positive results” . (Clunies, 2007) This will help the business unit to see that they plan beforehand.
This will help to see that the path is correct. 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 the 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 “ organisation going for succession planning plan is in relation to the human resource management infrastructure and ensure that the change in leadership goes in line with the hiring process” .
(Richards, 2008) This will help to save cost and ensure that the growth trajectory doesn’ t get hampered. Succession Planning has evolved. 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. This has ensured that business units concentrate on the hiring process.
It also ensures that planning is done for it and execution is sound. 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.