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A succession plan is a plan that is made to anticipate and prepare for, changes that will or can occur both expectedly and unexpectedly, among the organisation`s key employees.
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The Stage
Best-practice organisations use succession planning to prepare for potential staffing problems and disasters, but they also rely on such plans to develop and maintain staffing requirements and leadership skills that are required under normal conditions. Succession planning is no simple task. Mapping out the future skills and knowledge required for the future of an organisation involves more than an organisational chart displaying the corporate hierarchy and potential vacancies. It is essential to know what talents will be required in the future, how best to train employees for future needs, which employees have the particular skills and competencies required to assume positions higher within the organisation or future vacancies that may become available, or whether to hire from outside the organisation.
Succession planning tools and approaches can include the development of a strategic plan which focuses on the future and what resources (including people and people development) may be required, a skills and knowledge analysis, 360-degree feedback data, and spreadsheets (or simple databases) to sophisticated software for tracking skills and competencies.
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Management Briefs...
Employee compensation schemes, including bonus payments and other rewards, are used to recompense workers for their services in accordance with their performance, and as a means of motivating them towards achieving organisational goals.
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