Question

•Explain how to prepare for the ultimate crisis in an organization through succession planning

Answer 1

Answer: Succession planning is a process in which the new leaders are identified and developed for replacing the old leaders in the future as the old leaders leave or retire. This ensures that in future, the company has the required talent to manage it. Without a proper succession planning a company may fail because of shortage of the well qualified people inside the organization who are able to handle the management and functioning of the organization. The succession planning helps in the identification of talent and skill set that the company may need in future to manage itself. Based on this it develops a plan for either hiring new talent or nurturing the existing talent inside the organization to take care of this need. Thus succession planning plays a very vital and strategic role in ensuring that the future needs of the company in terms of talent and leadership are fulfilled at any point of time. Therefore in order to prepare for the ultimate crisis in the organization, this process can be used for understanding the skills, abilities and resources that the crisis may require to resolve and according the company plans for developing its leadership and workforce and hire new talent. This will ensure that at the time of crises there is adequate talent and leadership to deal with the situation.