Question

In: Operations Management

In succession planning what is the most overlooked aspect of the process? How does this contribute...

In succession planning what is the most overlooked aspect of the process? How does this contribute to succession failure?

Solutions

Expert Solution

The most overlooked aspect of the succession planning process is communication as when the succession goals and successor is decided it is important that company communicate it its stakeholders, employees etc so as to avoid future consequences. A clear and concise communication strategy must be used to communicate the decision in the meeting. Being transparent about the succession planning is necessary so that the necessary training and development can be provided along with ensuring all are on one page.

Company who do not communicate its strategies with the employees or family member can lead to succession failure as :

a. Not having an open dialogue during or after succession planning can lead to dissatisfaction, trust issues as well as turnovers if others do not agree with the certain terms of succession planning.

b. Communicating the employee skills and experience as well as necessity to be dominated as an successor is necessary by failure to do so can lead to less effective succession planning and legal consequences.


Related Solutions

What role does Robert play in the succession planning for the family business? What steps should...
What role does Robert play in the succession planning for the family business? What steps should he take?​ Power Play at the Inn Fronting on the Pacific Ocean, the Inn at the Wharf boasts 410 guest rooms and suites, two dining rooms, a lobby bar, and the lively Gull's Nest nightclub. The inn's annual revenues are $15 million. Robert May, 57, purchased and remodeled the inn in 1970. His wife Katherine, although not now active in the business, had assisted...
How did the Roman devotion to mos maiorum create contribute to the succession problem of the...
How did the Roman devotion to mos maiorum create contribute to the succession problem of the Roman Empire? In your essay make sure you define mos maiorum, the nature of the succession problem, and why the 'solutions' failed to work. Give SPECIFIC examples! small topic History
What is succession planning and what are its benefits? What are the three stages of an...
What is succession planning and what are its benefits? What are the three stages of an effective program for developing high-potential employees?
What are the 6 Diet Planning principles?   Briefly describe how each of these contribute to ‘planning...
What are the 6 Diet Planning principles?   Briefly describe how each of these contribute to ‘planning a healthy diet’.
What role does risk management play in this aspect of change management process
What role does risk management play in this aspect of change management process
How does the budget process and the strategic planning process inter-relate? How are financial targets and...
How does the budget process and the strategic planning process inter-relate? How are financial targets and initiatives defined, and how are they tracked to determine success?
Question:   What is the difference between succession management and replacement planning and what is the first...
Question:   What is the difference between succession management and replacement planning and what is the first steps in the succession management process? Discuss THREE reasons why succession management is so important in today’s workplace? What can HR professionals do to manage the risks associated with succession management?
what is 9 block all about when it comes to succession planning
what is 9 block all about when it comes to succession planning
Taxes are probably the most important aspect of personal financial planning. Compare, contrast and comment on...
Taxes are probably the most important aspect of personal financial planning. Compare, contrast and comment on the lifetime financial effect of not making an IRA contribution, a traditional IRA contribution and a Roth IRA contribution. Assume a 50% tax rate, 50 years and 15% compounding.
succession planning- What is your assessment of Reg Jones as CEO of GE? What problems was...
succession planning- What is your assessment of Reg Jones as CEO of GE? What problems was Jones trying to address during his tenure as CEO? What do you think if the steps and approaches he used to solve those problems?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT