Succession planning is a key part of filling leadership roles in the workforce. Leaders have been making decisions from the beginning of time. The term leader has many faces in life. Whether on a battlefield in ancient time or in modern society running a multimillion dollar business, leadership styles were used by leaders or managers to get results. A leaders effective succession planning builds the availability of experienced employees in all areas of an organization.
When leaders talk about performance, we look at our business environment. How do we enhance the performance process use to strengthen our high performance workforce? This positive impact is created by employee engagement or empowerment. These types of leadership engage employees to have a greater ability to impact quality of work, costs, customer satisfaction, and innovation. In turn, we can use these performance measures to tie compensation programs to reinforce pay-for-performance culture. People are the fundamental element required to thrive and grow in business environment.
The key steps in the succession planning process starts with the goals that are set at the CEO level and delivered down to different department levels. The high level goals are broken down by lower level manager to create clarity for their specific department goals. These goals will be developed by department managers with his or her supervisors. These goals are developed by using four established guidelines; first one being line of sight, which allows employees to align their work with the business and see value in their contributions. This allows individuals to gauge their progress throughout the year in an objective way. Secondly is employee development, which creates opportunities fo...
... middle of paper ...
...ion planning the knowledge, communication and decision making that a successful leader brings to an organization is one of the most valuable asset.
References
Behan, B. (2009, October 29). CEO succession planning: The Big Hand-off. Retrieved January 28, 2012, from National Post:http://www.nationalpost.com/news/
succession+planning+Hand/2159505/story.html
Nye, J. S. (2008). The Power to Lead. Oxford: Oxford University Press.
Prokopeak, M. (2010, November 06). The Politics of Power. Retrieved January 28, 2012, from Talent Management:http://talentmgt.com/articles/view/the_politics
_of_power
Salopek, J. (2011, July 21). Succession Planning Article. Retrieved January 28, 2012,
from Bussiness Specialis tFocusing on Human Resourcse, Strategy and Board Goverance:http://salopekconsulting.blogspot.com/2011/07/succession-planning-article.html
“Leadership will be the most important resource an organization can possess. After all, it will be leadership that determines whether organizations successfully harness the emerging opportunities and overcome the perils that await.” Jay A.Conger – Professor, London Business School.
In 2014, JB Hi-Fi announced the retirement of their CEO Terry Smart. He had been with the company for more than 14 years. In an interview with Smart Company, Smart explained the process for hiring his successor. Smart (2014) stated that succession planning is not something that can be done overnight, it’s a long-term process and it’s part of the board’s role. When JB Hi-Fi promoted Richard Murray to CEO it was because of his extensive experience, knowledge, skills and contribution to the organisation over 11 years (Keating 2014). This example of JB Hi-Fi’s succession planning not only demonstrates their diligence in following their charter but also the emphasis placed on laying the right
One reason enterprises use informal method of succession because of the emotional aspect of having to judge the CEO on his or her performance (Cheloha, 2009). Since electing a new successor who is similar to the predecessor or a high-potential within the organization can be risky, the board of directors must be cautious of hurting other people’s feelings when they overlooked for someone (Cheloha, 2009). In addition, if the new successor were to leave, their loyal other ‘cream of the crop’ can walk out the door along with them and leave a lot more critical vacancies to fill (Cheloha,
‘Leadership’ and ‘Management’ are two commonly using words in nowadays organizations. The essential and integral part of productive management is leadership. Effective leadership is crucial to an organization’s success. Leaders can take a quantity of different steps to help keep projects from failing. The main and highly important focus of the leader is to make things happen. According to Griffin (2008), ‘Leadership, as a process, the use of non coercive influence to shape the group’s or organization’s goals, motivate behaviour toward the achievement of those goals, and help define group or organizational culture; as a property, the set of characteristics attributed to individuals who are perceived to be leaders’. Equally as management, that
In business, leadership is defined as developing of a clear goal, involving others by establishing trusting relationships to share the goal, giving the information and tools to accomplish that goal, and leading and managing the differences between the members of the organization (MaRS, 2012). Harvard Business School professor and leadership author John Kotter said that leaders construct a bright future by associating people with the vision, and motivating them to succeed in spite of the difficulties. Efficacious organizational leadership can avail prioritize objectives for assistants and can offer supervision toward reaching the corporate goal.
Nahavandi, A. (2011). The Art And Science of Leadership (6 ed.). Upper Saddle River, NJ: Prentice Hall.
Willis, Gary. Certain Trumpets: The Nature Of Leadership. New York , New York: Simon & Schuster, 1994.
Preview: This book provides a lengthy indoctrination of the what and why of performance management. This summary will cover both the pragmatic and practical pieces of the text; while excluding some of the specific instruction for those who oversee the overall orchestration of performance management in the workplace. The purpose of this paper is to allow its readers to grasp some main themes of performance management and develop a vocabulary for discussion and debate of the topic.
Quality health care is precipitously deteriorating amongst the nation’s health care industry. The health industry trends of high turn over rates amongst staff and important key employees are creating a rift in profit margins, decreasing patient quality care, triggering higher expenses and loss of patients (Hunt, 2009). In the “Best Practices in Health Leadership Talent Management and Succession Planning” case studies, presented by the National Center for
Performance management is a management tool used to value, monitor and measure a company’s strategies that ensure the efficiency and effectiveness of its product delivery. This management tool does not focus on the organisation and on its employees as well as stakeholders. It is a continuous process that entails that managers make sure that organisational and employee values are corresponding (Aguinis, 2005,p.1/2-1/5). Performance Management brings about the competencies in the employees, increases self-esteem by giving feedback to employees, there is a low number of lawsuits because it helps understand the company better (eThekwini Municipality, 2008,p.10-11). According to Pride, Hughes and Kapoor (2011, p.288) performance management creates motivation for employees; one theory of motivation is of Expectancy, which stipulates that employees satisfaction is driven by expectations of what an organisation will offer in return.
Planning and organizing is another vital quality needed for managers. If manager can do effective planning he can really contribute in the long term progress and development of his organization. Proper planning helps in useful and efficient use of the existing resources of the organization. After planning if you are not able to organize the things, this can really worsen your planning.
By allowing for employees to be increasingly engaged in workplace activities, they are then given the opportunity to develop new skills. Most leaders also encourage for employees to participate in team building activities so that any employee would be more comfortable and have stronger chemistry when working with other members of their respective departments, and with other employees in the company as a whole. Leaders are capable of motivating their subordinates through a series of actions, such as words of encouragement, acts of appreciation, and allowing for employee involvement in key decision making processes in the company. For instance, leaders who appreciate, constantly encourage and assist in the improvement of the tasks performed by their subordinates will be able to build a strong and healthy employer-employee relationship. This good relationship instils the traits of confidence in employees and motivates them to enhance their performance. Excellent leaders commonly try to develop a dialogue or establish open communication with their subordinates. Employees who are well
Leadership Strategy is the processes and actions put in place to review the business strategies and identify areas of need for leadership requirements. In my understanding of Pasmore’s journal, he asserted the following;
One key skill a leader should have is to be able to plan. Sun Tzu also mentions this in the first chapter of the book, The Art of War. In this chapter Sun Tzu essentially talks about planning and strategy. In one quote he says “According as circumstances are favorable, one should modify one’s plans”. In business terms we can sum this quote up in SWOT analysis. A leader should be able to analyze its organizations strengths,
Performance management forms a bridge that connects between the employees and the organization. Organization considered performance management as insurance for the both company that employees will attempt to give their best performance at the work site. In return, the organization will fill their obligation to the employees by providing all the necessary tools, resources, training materials, feedback, motivation, appraisals, and rewards systems to assist the employees with being fully successful. Kazlauskaite, Buciuniene, & Turauskas (2012), indicated, “Organizations empowerment was positively related to job satisfaction, and affective commitment” (p.138).