102855-152062 - Carla I. Aide Alegria Vazquez- Apr 17, 2021 714 PM - Assignment 2

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Human Resources Planning ASSIGNMENT NAME: Assignment 2 Succession management STUDENT NAME Student Name Student Number Rajwinder Singh A00117441 Ramandeep Singh Brar A00116706 Jashandeep Kaur A00104876 Usama Modan A00118165 Reena Rani A00104467 Carla Alegria A00117124 COURSE NAME: Human Resources Planning COURSE CODE: HRP116 – 77 INSTRUCTORS NAME: Jehanzaib Chughtaee DATE SUBMITTED: 17/ 04/ 2021

Human Resources Planning 1 1. Outline the major benefits of implementing a succession management process . Succession management is the practice of finding and cultivating talent internally with the specific goal of filling key business leadership roles in the organization. It has so many benefits, although those are not well described and known but every small and big organization has carefully implemented succession management to minimize the possibility of risk and loss of valuable employees. The four major benefits of succession management. • Effective organizational succession planning enhances the availability of competent people willing to take on those positions. Management functions can be quickly fulfilled as senior managers withdraw or when the managerial positions are abandoned because the main managers are resigned. It is then essential to understand that good talent acquisition is not just a role-based substitution. The method of succession planning is a well-planned, long-term process that establishes a range of eligible nominee so-called feeder groups that can fill vacancies. • The major potential advantage of planning the workforce is the reduced risk of attrition of seasoned chief executives. Successful business succession planning diminishes the need for a special role to be looked for externally by interested applicants. • It also minimizes the time and financial capital required to search for potential talent capable of serving as senior managers. The effects of succession planning are very evident in cases of sudden staff transition. When eligible internal applicants have already been selected and prepared, there will be less time and less budgetary expense for recruiting and leadership advancement. • One of the benefits of succession planning is that the HR department will participate in the selection process for top and middle management and develop standardized processes. These efforts would reduce spontaneous or hasty choices to a minimum and will re-establish everyone the company's much- needed dedication to succession planning. While companies are always unhappy with the way it is

Human Resources Planning 2 carried out, they cannot work properly without a well-developed succession plan. A sustainable management strategy involves the ongoing involvement and implementation of company succession planning and talent management. 2. Explain the limitations inherent in a succession management process. Answer: - A succession management process is a very simple process and easy to understand but it is very difficult to implement. So, there are many limitations, which every organization is facing now a days which are explained as below: - • In the beginning of this process, it is a responsibility of any organization to establish first company’s goal. It is very difficult to train every person of the organization if our organizations have no long term or short-term goals and without this, they may lose the sight of the goals. • Finding a best person for job is a most difficult challenge which every organization are facing nowadays. On the other hand, if organization found an employee for a particular job, then after some time job changes its requirements. So, this becomes a serious challenge for a manager to find best person for a particular job. • Also, while looking for a replacement, manager faces a lot of pressure and problem to find properly rate potential candidate skills. Many cases manager will rate their candidate positively if they know the person personally and it is very difficult to criticize someone opinion.

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Human Resources Planning 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? By having a performance management system we can keep a record (performance, strengths, accomplishments, career development, etc.) on every employee to keep on track of their performance development through the years in the company, those ones with the highest set of skills required for the job will be the first ones to be taken in consideration, it’s also very important to ask for a consultation opinion to the departmental manager in charge of the possible candidate, that way the HR department could have a better perspective of the employee's qualifications for a certain position. Even as an internal candidate it’s still required to go through the interview process so we can get to know if they are really qualified for the job, to hear their perspective of the position and the course of action in a determinate situation. The candidate should have not only the proper technical skills to do the job, but also has the core competencies that members of the organization are expected to have as well at the business knowledge as well as some unique or distinctive competencies. 4. Describe an effective succession management process that could be implemented in Stonewall. Stonewall has now understood the importance of strategy formulation and is eager to incorporate a succession preparation mechanism to be prepared for the unexpected in the future. Stonewall must be willing to devote time and energy to talent acquisition challenges to do this successfully. As previously mentioned, aligning succession strategies with the organization's strategy is a critical component of a robust succession management operation. Businesses must begin with a business plan and strategy. Through regularly tracking patterns that influence the business. The very next stage of the process is to determine the expertise and qualities needed by its performance to achieve the above strategic goals. To achieve the above strategic goals, there are two approaches to defining. The competency-based analysis looks at quantitative characteristics of job attitudes to distinguish effective and poor workers. Hard skills

Human Resources Planning 4 (more advanced, such as HRIS proficiency) and soft skills are also used in qualifications (more behavioral, such as being a good motivator). Employee competency growth is a pillar of succession planning and is vital to the organization's progress. Core functions (such as thought skills) are required by all people in the organization; responsibility or qualifications (such as business skills) are roles that are shared by multiple employees within an organization; and special or distinctive qualifications are only applicable to certain responsibilities or occupations within the organization. Stonewall would be able to assess a worker's (or candidate's) possible future success, skill, ability, and efficiency by concentrating on competencies, allowing them to develop and expand their talent pool. The next phase in the development will be to classify high-potential workers after the competencies have been recognized. Temporary substitutes, substitution maps, structural substitution, and talent acquisition culture are also methods for recognizing executive talent. First three methods are both oriented against internal applicant screening. The final strategy entails constantly checking the world for creativity, focusing on the extremes. However, there are numerous advantages of recruiting internally, stonewall should understand the advantages of hiring internationally in the future as a way of introducing strategies for improvement into the company. These are effective succession management process that could be implemented in Stonewall. References – Keyt, A. (2015). Myths and Mortals: Family Business Leadership and Succession Planning (Wiley Finance) (1st ed.). Wiley. The Leader’s Guide to Effective Succession Planning. (2020, July 2). Lucidchart. https://www.lucidchart.com/blog/what-is-succession planning#:%7E:text=Effective%20succession%20planning%20involves%20having,internal%20or%20external%20 development%20opportunities.

102855-152062 - Carla I. Aide Alegria Vazquez- Apr 17, 2021 714 PM - Assignment 2

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