HRM 7004 WEEK 5 ASSIGNMENT
HRM-7004 v4: Supervising in the 21ST Century
Week 5
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Succession Planning
Succession planning is a process for preparing employees to take on important roles in an organization, not pre-selection. Experts across the field estimate this process to take anywhere from 12 – 36 months. The Society for Human Resource Management (SHRM) cite the below reasons for organizations to participate in a successful succession plan (n.d.):
• Adapting to demographic changes and talent scarcity.
• Identifying skill gaps and training needs.
• Retaining institutional knowledge in a knowledge economy.
• Boosting morale and retention by investing in employees.
• Replacing unique or highly specialized competencies.
However, organizations should not expect this process to be seamless as it is common to encounter issues such as lack of support from key influencers, resistance to change, and time constraints. In a 2021 study of 214 non-profit agencies investigating the positive and negative elements of succession planning, it was found that only 27% of the non-profit agencies had a written succession plan for key executive positions (Besel et al., 2021).
Although, the lack of participation in succession planning should not lead one to believe it is not a viable option. When investigating the effects of CEO succession planning as it relates to performance and volatility, Tao and Zhao (2019) study implies that companies should use said plan to help improve productivity and decrease instability.
References
Besel, K., Flores, A., & Chang, C. Y. (2021). The good, bad, and ugly of succession planning: A comparative perspective. Board Leadership, 2021(173), 1–8.
Society for Human Resource Management. (n.d.). Engaging in succession planning.
Tao R., & Zhao H. “Passing the Baton”: The effects of CEO succession planning on firm performance and volatility. Corporate Governance: An International Review, 27(1), 61-78.
Weekly Resources and Assignments
Week 5 Resources
• The Effects of CEO Succession Planning
Tao, R., & Zhao, H. “Passing the Baton”: The effects of CEO succession planning on firm performance and volatility. Corporate Governance: An International Review, 27(1), 61-78. doi:10.1111/corg.12251
This article explores the positive attributes of succession planning as it relates to organizational performance.
• The Good, Bad, and Ugly of Succession Planning
Besel, K., Flores, A., & Chang, C. Y. (2021). The good, bad, and ugly of succession planning: A comparative perspective. Board Leadership, 2021(173), 1–8.
This article provides a review of the positive and negative attributes of succession planning, specifically in non-profits.
Week 5 – Assignment: Explain Succession Planning
Over the last week, you have explored the role supervisors play in creating a successful succession plan. Now, it is time to take what you have learned and put it into action. Generate a concept map (also called a “mindmap”) explaining what you believe to be the most important factors in creating an effective succession plan.
While creating your concept map, be sure to note any obstacles (e.g., resistance to change, lack of managerial support, time) that you could expect to encounter. Provide a brief explanation of how you would overcome said obstacles.
Length: 1-3 pages, not including title or reference pages
References: Include a minimum of 3 scholarly references.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards
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