Leadership-Succession Planning
Leadership-Succession Planning—Successes and Failures
2. If you were advising a firm on how to proceed in the area of Leadership-Succession Planning, what steps and priorities would you recommend?
If I were advising in the area of Leadership-Succession Planning I would suggest that it become a top priority by making it an integral part of the CEO’s job responsibilities. In addition, it should also be included as part of the CEO’s annual job performance review. This helps to guarantee that Leadership Succession Plan is not overlooked or neglected as demonstrated by Citicorp’s leadership (Cascio, 2010 pg. 193). I would also advised the company and its Board to create a strategy to ensure that when the time came to select a new CEO the transition from one CEO to another would be fluid, causing the least amount of disruption. This can be accomplished by the following steps: 1. Begin with the Leader's Exit Strategy a. Implementing a proper strategic planning process that includes leadership transition 1. The CEO must dedicate a portion of his time to recruiting talented senior manager b. Grooming the candidates for the position by building the successor's business and leadership skills c. Planning the development and retention of key persons and involving Human Resources 2. Create a strategy for succession planning that include d. Communicating with the Board so that they have the opportunity to meet and get to know each candidate well before the need for succession. e. Communicating with Human Resources to provide checks and balances. i. Developing management systems for peak senior management performance f. Hiring and training the best possible staff g. Having accounting and financial controls and a comprehensive marketing plan 3. Complete a yearly review Leadership-Succession Plan with the CEO to assurance that the plan is on the correct course.
Reference
2. If you were advising a firm on how to proceed in the area of Leadership-Succession Planning, what steps and priorities would you recommend?
If I were advising in the area of Leadership-Succession Planning I would suggest that it become a top priority by making it an integral part of the CEO’s job responsibilities. In addition, it should also be included as part of the CEO’s annual job performance review. This helps to guarantee that Leadership Succession Plan is not overlooked or neglected as demonstrated by Citicorp’s leadership (Cascio, 2010 pg. 193). I would also advised the company and its Board to create a strategy to ensure that when the time came to select a new CEO the transition from one CEO to another would be fluid, causing the least amount of disruption. This can be accomplished by the following steps: 1. Begin with the Leader's Exit Strategy a. Implementing a proper strategic planning process that includes leadership transition 1. The CEO must dedicate a portion of his time to recruiting talented senior manager b. Grooming the candidates for the position by building the successor's business and leadership skills c. Planning the development and retention of key persons and involving Human Resources 2. Create a strategy for succession planning that include d. Communicating with the Board so that they have the opportunity to meet and get to know each candidate well before the need for succession. e. Communicating with Human Resources to provide checks and balances. i. Developing management systems for peak senior management performance f. Hiring and training the best possible staff g. Having accounting and financial controls and a comprehensive marketing plan 3. Complete a yearly review Leadership-Succession Plan with the CEO to assurance that the plan is on the correct course.
Reference