South University

file:///C|/Users/CWATKIM/Desktop/Succession%20Management.html[3/5/2020 6:36:08 PM]

Strategic Succession Management Succession management is the process of identifying and developing successors for critical roles within an organization. Every organization seeks to fill critical roles with the best possible candidates in the shortest amount of time.

The process of succession management includes identifying potential candidates and then developing and preparing them for specific positions. Usually, the focus is on internal employees who have been identified as candidates having the potential to rise within an organization but need more experience or training to succeed.

A succession management program provides a higher level of competitiveness as organizations with successful programs tend to outperform their peers. When key leadership roles become vacant, a succession program quickly provides capable replacements. It is natural to conclude that delays in replacing a key position results in decreasing operating performance.

Benefits of a succession management program include improved employee retention. Employees are provided a clear career path and required training and support to advance. This reduces skill gaps and also works to develop leaders more quickly.

A succession management program also includes identifying and tracking external candidates. However, the benefits of promoting internal often exceed the benefits of hiring external. Internal candidates are known by the quantities of skills and successes (or failures). This provides an organization with the opportunity to develop internal candidates in specific areas.

It is incumbent upon HR to lead the way for a successful succession management program. HR needs to identify key roles within the organization that need to be protected, and HR needs to be involved in identifying potential candidates. HR needs to ensure that they have an adequate training and mentoring program and implement an effective way to monitor its success.

Additional Materials

From your course textbook, Managing Employee Performance and Reward (2nd ed.), read the following chapters:

Developing person-based base pay systems

Employee benefits

Overview of performance-related rewards

South University

file:///C|/Users/CWATKIM/Desktop/Succession%20Management.html[3/5/2020 6:36:08 PM]

Individual performance pay plans

From the South University Online Library, read the following articles:

Trends in Leader Development and Succession

The Role of the Board and the CEO in Ensuring Business Continuity

The Strategic Development of High Potential Leaders

Leadership Brand Equity: HR Leaders’ Role in Driving Economic Value







