When it comes to creating a succession plan, Miles and Bennett (2007), Cook (2014), and Gale (2013) all offer different approaches on how that planning process should be conducted. By comparing and contrasting their respective approaches and identifying which aligns most accurately with the course text, a better understanding of how to plan for succession can be achieved.
Miles and Bennett (2007) identify four steps that must be taken in order to produce an effective succession plan. The four steps include: 1) analysis, 2) development, 3) selection and 4) transition. The first step in the process of planning succession, according to Miles and Bennett (2007), is to analyze the “most significant challenges the company and its industry are likely to face over the next four to six years” and use this information to determine what skills and experiences are needed by the company’s next leaders to guide the firm in the face of these challenges. As an industry is always changing, it is not necessary therefore that the next CEO for example have the same skills and experience as the previous CEO, since new obstacles are likely to emerge that will require a different type of skill set. The next step is development, and that means identifying a handful of internal candidates who may be ready to work the job in the within a specific time frame. The third step—selection—should be conducted by having internal candidates pitch their vision for the company to the board of directors. If none of the internal candidates satisfies, an external candidate may be required. The final step is transition. After the next leader has been selected, an on-boarding process must be conducting: this is a process by which the new CEO develops relationships with the board members and generally is brought up to speed.
Cook (2014)’s process for planning succession focuses on four golden rules instead of steps. The rules are: 1) Have replacements ready for 9 out of every 10 critical positions—i.e., know which positions are most essential to the well-being of the company and have at least 3 potential candidates who would be ready to step in to fill that slot should it become vacant. 2) Find the needle in the haystack—i.e., locate individuals within the company who have not yet been identified as possible candidates and gauge them on education and experience to see whether they should be marked as potential successors. 3) Monitor risks—i.e., use predictive analytics to assess whether a role player is likely to leave in the foreseeable future. 4) Integrate the succession plan into the workplace—i.e., use the collected data on workers to have a ready-made planning...
the need to hire from without—which is in line with the recommendation of Miles and Bennett (2007) that a company recognize when it is opportune to promote from within and when it simply is not. The third tip of Gale (2013) is to recognize when diversity can be a boon to decision-making. This is a tip that neither Cook nor Miles and Bennett make, and Gale makes it because it is important to always have multiple perspectives when making an important decision so that there are no gaps in the decision making process. The fourth tip provided by Gale is to get support from the top. If it’s the CEO being replaced, get the board’s input. If it is a lower level leader, get the upper level’s feeback.
Gale (2013) then goes on to list the steps that should be conducted to facilitate the process: 1) create a specific model for the job with a definition of skills, experience, attitude and so on needed to do the job; 2) have a vision of where the company is heading (Miles and Bennett also recommend that incoming leaders have this and that it be approved of by the board); 3) know where potential candidates want to be/go with their careers; 4) identify potential obstacles to…
Knowledge Management Succession Plan Strategy KBR Australia Knowledge Management Succession Plan Strategy Kellogg, Brown Root (KBR) is an international company founded by Brown and Root in 1960 as Kinhill Engineers, and has gone through various changes over the years. A significant chapter in its history occurred in 2007, when it was split from Halliburton, to become a fully independent company. KBR's Australian division has offices in Melbourne, Adelaide, Canberra, Sydney, Brisane, Perth,
Bibliography Axelrod, N.R. (2002). Chief executive succession planning: The board's role in securing your organization's future. Washington, DC: BoardSource. Berger, L.A. & Berger, D.R. (2004). The talent management handbook: Creating organizational excellence by identifying, developing, and promoting your best people. New York, NY: McGraw-Hill. Collins, M.E. (May/June, 2007). Next! How to plan for and ensure a smooth transition when your organization's leader departs. Advancing Philanthropy, 14:3. Developing your leadership pipeline. (December, 2003). Harvard Business
Succession Planning for Multi-Faceted Enterprises and Organizations La Russa Enterprises Thunder Bay, Ontario Nadia La Russa The journey to this point in my academic career has been a long one, and challenging, however I am successful. A number of people have effortlessly contributed to my success, and I take this opportunity to thank them. First, it is with great honor that I thank my academic adviser he/she took on the obligation of advising me
Less tangible are the intellectual properties that Viacom controls, such as the broadcast rights for motion pictures and television programs, licensing of trademarks, etc. The Major Problem Facing Viacom Aside from the complexities and challenges of the industry itself, Viacom faces an additional major problem in the form of a succession dispute. More precisely, a power struggle for the role of COO of Viacom emerged when longtime COO Mel Karmazin vacated
Succession Planning at HP: Analysis of the role of Carly Fiorina In July, 1999 Hewlett-Packard appointed Carly Fiorina their CEO after and extensive search that included 100 potential applicants, carefully screened by the board of directors (Anders, 2003). What the HP board was after was a new CEO who would keep the passion for innovation alive in the company and unify its core businesses of printers, scientific instrumentation and computing equipment
Succession Planning Glossary Succession Plan for Nadia La Russa Best Practices Survey Results When it comes to corporations and businesses of any size, succession planning is something that can and should be planned out in advance. As cited pervasively throughout the rest of the report, the following can all be asserted and proven. The need for succession planning is needed in all countries including Canada, the United States and in any other developed country in