The paper "Succession Planning in the 21st Century" is an outstanding example of business coursework. A corporation in its talents has got the most valuable of resources hence these require management in order to achieve successful and effective succession planning and leadership development. The firms are moving beyond the 20th C. restrictive management systems/styles in the ever-changing business world and are embracing the understanding of attraction, retention and development of talent to provide a framework for intellectual organizational capital. This management of talents strategically and development of leadership are among the most powerful tactics that businesses are using to build the value of their workers/employees to the firm and also increase their bottom line and this has become paramount should the company prefer to operate at optimum capacity.
The companies are now putting the right individuals to the right positions and at right time periods in order to aim at realizing the company goals. Hence as the lead generation continues to plummet and diminish, corporations have to plan strategically and manage top-level replacements in order to avoid neither any negative effects nor any interruptions to business performance and continuity.
Hence it has become vital for managers in the 21st century to plan in advance on how to recruit, manage, develop, retain, plan and promote its workforce for the posterity of the company (Rothwell, 2005). This research paper, therefore, deals with issues of succession planning and help executives acquire knowledge in order to identify important methods of retaining their main talents, utilize, assess the talent currently in their organizations and be able to launch succession planning within their firms while recognizing the potentiality of leadership and to nurture them.
They would also be able to quantify and evaluate the metrics that are behind the development of talents while measuring the efficiency of the management of their talents including planning for succession strategies. Succession management and planning are the critical drivers that organizations use in their quest for transformation in the 21st C. Hence as part of reexamination of what federal government should put in place, how it should conduct it, including who should be involved in its performance, it's vital for it to focus both on the past as well the future trends including challenges hence this can help organizations become what it requires to be without having to simply recreate the existing firm. Leading multilateral firms are going beyond planning for succession approach that would only focus on employee replacement and are engaging in broader, integrated succession planning strategies and management efforts that focus on giving strength to both current and future capacity of the corporation.
They would then, as part of the broad approach, identify, select and develop successors who are the right individual, having the right skills and knowledge, the right time for leadership including other key positions of leadership (Mead, 2005). Agencies of government around the world have anticipated the need for leaders including key workforce with necessary competencies and skills to meet successfully the complicated challenges of this 21st C.
hence to this end the experiences of agencies in Canada, Australia, New Zealand and the UK can provide insights into federal agencies several of which are yet to adopt succession management and planning initiatives that would prepare them adequately for the future challenges.
The agencies and corporations have implemented several practices and some of them include receiving active top leadership support, linking succession planning to strategic planning, identification of talent from a multiple of organizational levels with critical skills early in career, emphasizing on developmental assignments in addition to formal training, facilitation of broader efforts of transformation, and addressing specific challenges concerning human capital like leadership, retention, capacity, diversity etc (Berger, 2004).