Question

A multinational bank has listed the following reasons for succession planning and intends to formulate a strategy.

Adapting to demographic changes and talent scarcity.

Identifying skill gaps and training needs.

Boosting morale and retention by investing in employees.

Replacing highly specialized competencies.

You have identified several factors as follows that you may consider while devising a succession planning program.

Scope of succession planning

Implementation team.

A match of talents to tasks.

Job design and skill complements.

Standards and metrics.

Plans for successful transitions.

Alignment of existing practices

Considering the above factors, analyze and present a brief succession planning program by incorporating utilization of HR functions such as Training, Development and Career Planning.

Answer 1

Introduction-

Meaning of succession planning- It refers to the process of identifying and dev eloping new leaders in order to replace the old ones like the one who get retires, die or leave their job, thus successive planning increases the availability of experienced employees and that are prepared to assume these role when identified.

Scope of succession planning- The following are some of the points included under the scope of successive planning

• Senior leaders competencies are identified to reach the strategic goals.
• Gaps are identified and measurable actions are taken in order to fill those gaps.
• Leaders ensures that necessary skills can be developed in order to run the company.
• Method for reviewing and acting for personal accountability developed to ensure the company to meet its strategic goal.

Implementation team - The HR team and the senior leaders plays an important role in the implemention process of successive planning The following are some of the steps that ae included in the successful implementation of successive planning

1. Know the mission and vission of your company growth plan.
2. Create an inventory of existing skill sets
3. Ask people about where they would like to be.
4. Evaluate each individual future potential.
5. Inform employees about their successive potential.
6. Groom accordingly with the skill set and potential.
7. Offer retention program.to ensure your staff to stay.

A match of talent to the task - Successive planning must ensure matching the right and the required talent with the task or can be said as managing the human resources,in order to ensure that the company needs of talent requirement must get the right and the desired talent at the right time.

Job design and skill compliment- An understanding of job design concept is neccessary in order to plan a stage of successive planning. Understanding the strributes of the specific position allow the coordinator of the program to perceive the relationship between success in one job and the potential success in another along with individual appropriateness for the role of personal preference. Specialization and task variety, task significance, Job pace, task identity are all considered as features of attributes.

Standard and metrics- In order to establish standard and metrics it is critical to determine whether successive planning will be effective or not. Deciding in advance the success of the successive planning may includes finding methods to guage employee satisfaction with personal development, employee performance, management satisfaction etc the extent of goals achieved and the time to full function attainment.

Plan for successful tranition - Enhancement of transition of all parties is in the advance nature of successive planning.The new leader, or an employee have an opportunity to develop and interact the work style. There is an overarching culture of employee development as an investment in the organisation as a whole.

Alignment of existing practices- It cannot be accomplish as a stand alone process. The principle supporting successive planning also influence the performance management and selection process. Future focused performance management practice that highliht personal initiatives and development are most suitable.

Incorporating HR utilization function in successive planning-

Training - Preparing employees in order to perform the task required in his or her present role in the job.

Development- The practice of equipoing an employee for future roles and responsibilities.

Career planning- In order to identify the interest of an employee an employee centered practice is identified along with providing personal development option consistent with his or her talent.