102135-152062 - Jayeshkumar Hareshkumar Nanwani- Apr 17, 2021 501 PM - 1

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Seneca College *

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MISC

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Management

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Nov 24, 2024

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Uploaded by Aegean123

Instructor Name : Jehanzaib Chughtaee Date Submitted : April 17, 2021 Group Members Aman Kumar - A00120700 Ameera Khatoon- A00115067 Gagandeep Kaur-A00115167 Jayeshkumar Nanwani-A00117368 Maninder Singh-A00115595

Contents Executive Summary ..................................................................................................................................... 2 1. Outline the major benefits of implementing a succession management process .................................... 2 2. Explain the limitations inherent in a succession management process ................................................... 3 3. From what you have learned about succession management and performance management processes, how would your group decide if an internal candidate was appropriate? ................................. 4 4. Describe an effective succession management process that could be implemented in Stonewall .......... 5 Summary ..................................................................................................................................................... 6 1 Human resource Planning HRP116 Succes sion Manag ement

Executive Summary There are a lot of benefit for adopting succession management retention is one of them, saving on cost and time for training can be saved with this process is intact in the business. There are few down sides but the benefits hold the upper hand. For stonewall we would use the 360-degree approach to identify the employee’s performance and consider them for growth. 1. Outline the major benefits of implementing a succession management process. Succession management is the process of identifying critical roles in an organization and evaluating best candidate for the positions and then further trained them to take on these roles in the future. Implementing a succession management program has numerous benefits to an organization which helps to create the next generation of leaders within the organization. Major Benefits of succession management process are: 1. Internal Candidates- a succession management process that develops existing internal candidates, which requires less time and low cost to find compare to find someone from outside of the company. 2. Hiring externally is more costly and time required when compare to the internal candidates who already have enough knowledge about the company. 3. Business Continuity – a process like succession in which candidates are developed will allow someone to step into a critical role when there will be resignation, retirement or any case of sudden death such as the CEO at McDonald's, they were able to replace that person in 6 hours as they were prepared. 2

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4. Retain Employees –succession management plan employees are aware and can see the development, so employees will not search other companies' jobs which helps them to grow in the same organization. 5. Developing Leaders more quickly – Having a plan such as succession will help a company stay on track all the time and helps to achieve succession goals. 6. Other benefits include reducing skill gaps, encourage the advancement of diverse groups, and improve employees’ ability to respond to changing environmental demands. 7. Providing stability in leadership and other critical positions to sustain a high-performing public service and ensure the uninterrupted delivery of services and programs to New Brunswickers 8. Identifying workforce renewal needs as a means of targeting necessary employee training and development 9. Helping individuals realize their career plans and aspirations within the organization 10. Improving employees’ ability to respond to changing environmental demands, and the opportunity for timely corporate knowledge transfer. 2. Explain the limitations inherent in a succession management process. Succession management has many limitations: The talent can be missed: sometimes when we try to find new talent from the internal sources, the external more talented people get ignored and this can result in loosing talent. Less motivated candidates: as we know some people get promoted and some not. The remaining employees may feel jealous and demotivated. 3

Negative Effects of Motivation – When employees see that others are being developed for the future and they may not be, it sometimes could have these employees could feel jealous and demotivated. Family Rivalries – In some cases where one child gets to take over, the other child can feel neglected. This can result him feeling he is less valued by the family. Finally, the situation can be drastic for the business and grow into family rivalries. Lack if new ideas: People who get promoted within the company can have the same ideas at different levels. This can result in business lacking new ideas. 3. From what you have learned about succession management and performance management processes, how would your group decide if an internal candidate was appropriate? The purpose of succession management and performance management is to identify, develop, and make the people ready to occupy higher level position in the organization when they have vacancy due to various reasons like retirement, resignation, promotion and many other reasons. Identifying whether the employee is suitable for the position or not Depending on the organizational practice, if an internal candidate was appropriate for succession planning or not. I would use a 360-degree approach to determine the candidate’s style and performance. It is important to determine that the candidate has the proper knowledge, skills and abilities that members of the organization are expected. When the candidate is identified by key positions attempts are made to groom them so that they are fully equipped to take the positions when these falls vacant. In the case of internal candidate, this exercise brings much ahead of the likely vacancy. 4

4. Describe an effective succession management process that could be implemented in Stonewall. Succession management plans and strategy  The goal should be made with the perspective looking for where the business will stand in next 5-10 years.  Job based approach and competencies-based approach are required to measure the skills and competencies to meet strategic objectives. Stonewall should according me adopt competencies-based approach the reason behind choosing this approach is that the job requires changes on regular basis and competencies are made up of KSA that are not job specific.  The next step would be to give performance appraisals to the potential employees which is a regular part of the succession planning and important part of the process.  Now the focus is made on the managers to increase their competencies and development through promotion, job rotation, special assignments and formal training the sole purpose is to give growth opportunities for succession management candidates  The last step is to see if the succession management worked is there any improvement according to the benchmarks set. Summary This approach can be successful when implemented with proper process and followed all the steps appropriately, the benefits are the company will not have to hire someone new from outside who does not know how the business works, saving cost of external hiring but on the other side when few employees are promoted others may feel demotivated, they may think they are also well-deserved candidates. The management plan would be for 5 to 10 year in which 5

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competencies-based approach will be used and employee’s performance will be measured and opportunity will be given accordingly 6

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