Succession Planning

1249 Words3 Pages
bulb-icon

Recommended: Recruitment and selection

Succession planning is a standardized approach to an organization success in building a powerful leadership and a talented group of employees to ensure superior leadership continuation. It is essential that ABC Aircraft propose a succession plan in order to continue business beyond the next generation of leaders. Whether through private owner transfer to senior management or a leadership position transferred to a qualified family member, the purpose of the succession plan is to make it easier to continue the business success. By implementing a succession plan procedure, ABC Aircraft is preparing for a crucial decision that will have an immediate and direct impact on long-term aircraft business success in every area of aviation.

Succession planning is a process used by small and large companies to provide for the future by ensuring that employees are recruited and trained to fill key role in the company. The company invests in current employees to take over key positions in the event of downsizing in management personnel, retirement, or death. Through the succession planning process; executives must recruit top employees, develop their knowledge, skills, and abilities (KSA) and prepare them for promotions in more challenging positions within the company. Through the implementation of succession planning, the employees will appreciate the time and training the company has invested in their success; therefore, ABC Aircraft will retain top employees. When developing a successful succession plan, it is important to identify long-term goals and hire top employees.

ABC Aircraft does not currently have a succession plane implemented. The aircraft industry is very competitive and should be considered as such when planning for the futu...

... middle of paper ...

...ot just for replacement of top leadership but any and every position that is considered essential to the company’s success.

It is the company’s job to identify these important positions and the potential possessed by employees to fill the positions. It is not the employee job to identify their potential. If the company relied on self-identity, they would miss out on a lot of great talent that may not be obvious.

Often there are positions that can not be filled from internal succession, in this case, it would be highly recommended to search outside the company. External qualified applicants can be hired for lower entry positions and eventually develop for future leadership positions through employee development programs. Succession planning is a challenging task but it is well worth the effort of watching the company grow and succeed in the next generation.

Show More
Related

  • Analysis Of Jim Collins's Good To Great

    705 Words  | 2 Pages

    In retrospect, the decision to place the top people on the best opportunities resulted in several of the companies failing. I think with quarterly or yearly deadlines looming, leaders may be forced to reshuffle the deck, placing their top people on the biggest problems in an effort to finish strong. Whereas this may result in a short term “fix” you are neglecting the future of an organization by having your most valuable resources working on the wrong

    Read More

  • Analysis Of JB Hi-Fi

    1175 Words  | 3 Pages

    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

    Read More

  • General Electric Case Study

    639 Words  | 2 Pages

    GE discovered a humongous gap within the management structure and established a plan to fill the break. The three levels of management implemented with GE is to ensure proper the training and information flow between corp...

    Read More

  • Executive Summary

    1621 Words  | 4 Pages

    status of operations, the management structure and organization, and the identification of key personnel. If the plan is being created

    Read More

  • S.W.O.T. Analysis of Boeing Corp.

    1874 Words  | 4 Pages

    The SWOT process will start by examining the internal strengths of the Boeing Company of today. One of the most dominant strengths possessed by Boeing is its ability to follow the changes in a market that is continually changing. The type of products produced by The Boeing Company demands the use of state of the art technology while maintaining all the proper safe guards for sa...

    Read More

  • Boeing Company's Goals And Actions

    1576 Words  | 4 Pages

    This paper analyzes the goals and actions of Boeing by analyzing its critical success factors as well as its strategic roadmap.

    Read More

  • Airborne Express

    1137 Words  | 3 Pages

    To identify the issues and problems that the company is facing and how the company incorporates into its business strategy the major trends that concerns air delivery business.

    Read More

  • ret

    644 Words  | 2 Pages

    While the scenario is presented as a fictional work, it may well be that this occurs on a daily basis. The conclusions here are based on observations and cultural views. There are many other factors that can be used to determine who should succeed a CEO that is retiring. Some of the items that might be considered are if a style change is needed or the persons experience.

    Read More

  • Career Management Process

    935 Words  | 2 Pages

    ... the company occurs when there is a position that need to be fill immediately and the employees who have capabilities to get the job may apply for it. All four steps in career management process are important and none of it can be skip.

    Read More

  • Delta Airlines Executive Summary

    587 Words  | 2 Pages

    It has stayed relevant to the market through its propelled philosophy of relationships to generate profits in the business. Since its establishment in Monroe, Louisiana the once tiny airline has stretched to greater heights serving in 6 continents. It has also established a distinguishable name among its competitors with a reputation of leading customer services. However, even as an established venture, the company needs to maximize its profits in order to stay in business and expand in to new territories beyond its conquered boundaries. A strategic analysis was carried out by our team to establish the company’s current situation. A SWOT analysis was performed to come up with three referenced, strategic alternatives. This alternatives are meant to act as a strategic guidance to the company in order to enhance growth. The strategic recommendation provided will improve and enable the business to cope with the competitors while the implementation of the strategy section will outline the way to go about achieving these alternatives in the business setting. Lastly, we put up a discussion on the evaluation procedures and necessary controls for the

    Read More

  • Miller Tool Company

    1134 Words  | 3 Pages

    We are facing a human resource crunch on our two fronts: The Engineers and designers i.e. the executive level staff as well as the Leaders who can efficiently manage the business. Improper use of good talent has led to high rate of attrition.

    Read More

  • Boeing Management Planning

    1388 Words  | 3 Pages

    Planning, an imperative part of any business environment, is a daily focus at Boeing Corporation. The organization faces daily challenges to produce products to fit the consumer wants for air travel, comfort, and efficiency. While Boeing deals with a constant need for innovative ideas it also deal with the challenges of its main competitor airbus whom has historically been subsidized by many of the European nations to compete with Boeing for a larger share of the market. Boeing management, through excellent planning, an ethics policy that demands large returns for shareholders, and constant work to comply with ever changing legal demands of the industry has led to the constant success of the company.

    Read More

  • Classical Management Function

    1461 Words  | 3 Pages

    However, some influential management authors believe that the classical management functions need to be update. Williams (2005, p. 7) updated the management functions and came out with four functions: making things happen; meeting the competition; organizing people, projects and process; and leading. To make things happen, it is essential to determine goals, planning ways to attain the goals, gathering and managing needed information to make superior decisions and also controlling performance to enable corrective action to take place if performance worsens. This function actually combined Fayol’s idea of planning and controlling. The thought of determining things to accomplish and developing plans to achieve goals is similar to function of planning suggested by Fayol, which is to define goals, establish strategy and develop plans to implement the strategy in order to reach the goals. Besides, Williams mentioned about controlling performance and corrective action, which is corresponding to Fayol’s classical management functions of controlling. Controlling, according to Fayol, involves observing organization performance and take action if necessary to ensure that goals are to be achieved. Nevertheless, the action of gathering and managing needed information to enable good decisions to be made is not stated in classical management functions. Based on the updated functions, organizing people, projects and processes included consideration of people issues and work processes. At the same time, Fayol mentioned organizing, which is the management process of determining best way to arrange organization’s resources and activities. They actually have the same meaning where both are about locating organization’s resources, which are the employees and also the work processes or activities. The Learning Company, a company that develops and markets games and software, was purchased by toy company Mattel. It was experiencing loss after three years of the purchase because each department in the company works independently and do not share resources.

    Read More

  • Leadership Strategy that Drives Business Strategies

    810 Words  | 2 Pages

    ...ne what will work for them firstly by identifying the mission and vision, then the results the business intends to achieve. Pasmore’s Model will go a long way in helping businesses achieve success through strategic leadership but more attention should now be put on retaining future leaders.

    Read More

  • Importance Of Operational Planning

    825 Words  | 2 Pages

    Within an organization, different types of planning are necessary to help establish the visions and goals a company has. Strategic and operational planning is essential for the success of a business. For example, Sports Authority has recently filed for bankruptcy, which is likely due to a lack of planning skills. With the addition of strategic and operational planning, the risk of going bankrupt could be significantly reduced. The many planning steps and strategies involved in these types of planning are what eventually produce the most success.

    Read More

More about Succession Planning

Open Document