How Succession Planning Has Changed in the 21st Century - Coursework Example

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 with the changes. “Succession Planning is identifying the talented employees in the company and providing them training and experience so that they can fill up position of responsibilities in the company”. (Dumas, 2010) Competition has made 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 was there previously”. (Dumas, 2010) This will ensure that none of the places are 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 stake holders”. (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 business unit to see that they plan before hand. 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 work force 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. Succession Planning has undergone change due to change in the workforce. This increased pressure on business units. Finding the correct talent is difficult. “The situation has become more difficult as companies had reduced their workforce in the 90’s but with growth more talent in required for vacancies”. (Succession Planning, 2010) 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 as a result are looking to fill this void from hiring. Companies for their future vacancies have inculcated it in their scheme of things. They are hiring keeping this in mind. Organisations see that the employees once they join don’t leave. For this lucrative offers are given. Employees are also given special benefit so that they prolong with the company. “This will help to fill the void”. Thus, planning in advance has changed succession planning. Change seen in succession planning is for farm land. It has evolved as “the inheritance of land ownership to the next generation has impacted both the culture and tradition of farmers”. (Cressman, 2000) This has impacted the large farms. The younger generation are into something else. So, passing of farm land has affected the agricultural yield and given different results. This is making people think differently and look for alternatives to bring about a change. This will also help to meet the changing needs. Changes have ensured that business units coping with it grow. It has ensured that their path for success doesn’t get hampered. The change brought has also ensured that disaster doesn’t follow. The change has thus given business units an advantage. It has ensured that even due to circumstances beyond control business units don’t falter. It has ensured that the vacancies can be filled easily. Succession planning has carved a way for business units. It has ensured that cost doesn’t rise. It has made income to rise and sustain above limits. With, more importance given to talent within business units firms saves the cost of hiring. They look with a vision while hiring and see that cost are under control. This ensures that the correct talent gets hired and the voids created by vacancies are filled. The change seen by succession planning has ensured that employees get a change to voice their opinion. This is especially true for family owned business as the next generation present their view and as a result get heard. This has made the coming people understand the responsibilities and pressure they have to handle. It thereby prepares them early. Thus, this is helping business to move forward. The change witnessed by succession planning has given more importance to culture and strategy the business unit uses. Organisations see that while planning their strategy these factors are present. This will help the business unit to get favour from the people. This will ensure steady flow of customers. Ensuring this has made it easy for people to get easy acceptability. It also makes people part of the company and work well to fill those areas of responsibility. The thinking behind this has undergone changes. Organisations previously believed succession planning as an event. Organisation hired people for important positions when the need arises. But things have evolved. Today, “succession planning is considered as a continuous process where organisations start preparing the time they hire a new employee”. (Succession Planning, 2010) This makes them start early and look foe employees. The HR department ensures that while hiring this factor is considered. Succession planning today looks at employees not only performing their task but ensuring that proper training is provided to the subordinates. This was lacking previously. Managers used to concentrate on their jobs. This has changed and their area of horizon has broadened. This has made managers put more efforts so that when they retire a person for that position is already there. The change this has gone is putting more pressure. Succession Planning also “looks at planning for future vacancies as everybody’s job which previously was the job of the top management”. (Succession Planning, 2010) This is a major change that is evolving. This has made people more responsible. This ensures that the management are on their feet. They are on a continuous look out for employees who can fit. The manner of promotion and training for vacancies of job has changed. Organisations have “developed different rating manner to examine the talent and qualities of the employees so that the vacant position finds the correct person”. (Succession Planning, 2010) Previously, this was done at the whims of an individual. This has changed tremendously and people are evaluated to fit in. This change has given room for the right person to fit in the job. Person not performing are left and the others based on performance are considered for succession planning. An important factor also seen forward that “1/3 of the business units suffer due to improper hiring which affects their succession planning”. (Succession Planning, 2010) This is putting additional pressure. Companies are trying to keep themselves away from this ratio. This has made them work hard and transform the way succession planning was done. The change being witnessed by succession planning is making organisation change their strategy. It has forced business units to look at new ways to fill the vacancies. This has put extra pressure and business units are searching for options. Succession planning has made many organisation follow talent acquisition as a strategy. This gives them the time and resource to use it in the other direction. It also ensures that the hiring spree is proper and time is not wasted. Thus, we see that succession planning is evolving. The change witnessed has been tremendous. The change succession planning has gone due to the way business units are performing is making it compulsory for business units to have one. Business units are trying to do it to stay ahead of competition. Companies who are sound in their planning for the future have a foot forward compared to other. With borders disappearing and the globe becoming a country competition is growing. It is putting extra pressure to ensure the correct talent. The way organisation plan has changed. This will help units to save. Revenues and proper execution of strategy will follow if companies keep upbeat with the changes. Succession planning thus ensures that business units don’t have to look outside. Their in house talent will be sufficient. Business units as a result can pursue their strategy. Business units to stay ahead and match the requirement needs to look for ways and devise mechanism to ensure that they continue with the changes succession planning has encountered and they keep in pace with the changes. References Ante S & McGregor J, 2009, “Apple Succession Planning: Nobody’s Business”, Business Week Bob B, 2002, “Attaining Success in Succession Planning”, Ohio CPA Journal, retrieved from on March 23, 2010 Clunies J, 2007, “Benchmarking succession planning and executive development”, Academic & Leadership Journal, Volume 2, Issue 4, Page 23-27 Columbia K & Levine R, 2004, “The Case for Succession Planning”, Newspaper Association of America Cressman R, 2000, “Farm Family Succession in the 21st Century”, retrieved from < http://www.cressman.net/thesis.html> on March 23, 2010 Dumas A, 2010, “Successful Succession Planning”, Regent Client Newspaper, Volume 16, retrieved from http://www.regentrecruitment.com.au/client_newsletter_vol16.htm > on March 23, 2010 Messick W, 2010, “The importance of management succession planning”, Ezine Articles, retrieved from < http://EzineArticles.com/?expert=Wayne_Messick> on March 23, 2010 Richards P, 2008, “Succession Planning: Does it matter”, Australian Journal of Adult Learning, Volume 48, Issue 3, page 143-147 Succession Planning, 2010, “Succession Planning is a process”, retrieved from < http://www.family-business-experts.com/succession-planning.html> on March 23, 2010 Read More