Succession Planning for Multi-Faceted Enterprises and Organizations Essay

Excerpt from Essay :

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 in my post coursework and exam completion, while I was in the university. his/her xxxxxxxxx unrelenting encouragement, mentorship and support were the ultimate motivators. Without her firm, yet caring guidance, I would not have completed this research study.

To my friends xxxxxxxxxxxxxxxxxxxxxxxxx, I owe my gratitude. The incalculable lunches, coffee breaks and emails of support helped me work through the writer's block, despair at lack of improvement and eventually gave me the strength to know that I could end the long journey.

To all of my other wonderful allies, xxxxxxxxxxxxxxxxxxxxxxxxnd many others too man to recognize by their names, who gave me encouragement and knew better than to ask when I would be finished, I thank you for your confidence in my ability to complete this paper! To xxxxxx for helping with transcription and proofreading, I am forever grateful!

Finally, I owe enormous thank you to my family. To my parents, xxxxxxxxxxxxxxx for believing in me and encouraging me to pursue my doctoral degree, and to any other person who never lost faith in me and making it possible to get through the coursework, exams and writing. I am honored and proud that everyone dear to me has watched over me on this journey.

ABSTRACT

This descriptive research study explored the succession planning in small business entrepreneur of a multi-faceted entity. The purpose was to ensure the continued success and sustainability of small business entities despite their complexity and diversity. Review of the literature discussed indicated that small business enterprises are lagging behind other businesses and organizations in their succession planning endeavors. In assessing the efforts in these entities, Questionnaires, interviews played a larger role in collecting data about succession planning and management programs within Nadia La Russa organization, the roles played by the administrative and HR personnel in embracing opportunities and dealing with future challenges during critical incidents in the process of succession planning.

Table of Contents

2 ACKNOWLEDGMENT

3 ABSTRACT

Executive summary

Background Information

8 CHAPTER 1: INTRODUCTION AND DESCRIPTION OF ORGANIZATION

Organizational Description- Nadia La Russa Enterprises

Problem statement

Project Purpose

Rationale

Research Question

11 CHAPTER 2: LITERATURE REVIEW

Succession planning

Outcome and Benefits

Theoretical Background of Leadership in Succession Planning

Trait theory and Leadership trait theory

Behavioral Theory of Leadership

Situational Theory and Leadership Situational theory

Nature of the job

Follower characteristics

Association between leader and followers

Organizational restraints

The leader's capacities

Transformational Leadership Theory

Summation of Literature Review

Trait Theory

Situational Theory

23 CHAPTER 3: RESEARCH METHODOLOGY

Development of the Interview Questions

27 CHAPTER 4: DATA COLLECTION & ANALYSIS

29 CHAPTER 5: CONCLUSION

Chapter 6: BIBLIOGRAPHY

41 APPENDIX

Executive summary

Background Information

My experience in organization management has triggered my interest in succession planning and management in multifaceted enterprises and organizations. These experiences have been rather exasperating, and this drives my belief that I am not the only person encountering the frustrations when dealing with complex organizations. Further research indicates that multifaceted enterprises and organization lags behind other business and industries in growth of robust and successful succession planning and management programs. Through numerous inquiries, the anticipation is that, best approaches will emerge that will be applicable to both organizations and multifaceted enterprises.

This will definitely lead to improvement in leadership within these entities and stimulate further research on how to preserve the gains and carry on with improving the process

. From the in-depth review of literature, it is apparent that Multi-Faceted Enterprises and Organizations require enhanced succession planning program in order to counteract the dynamism of marketing forces and trends. For this reason, managerial leadership is a fundamental element for the success of nonprofit organizations. Leadership transition is necessary in order to counterbalance challenges faced by large enterprises that governs various entities. With multifaceted organizations, expanding in both size and number requires good leadership.

Effective succession planning in terms of good leadership is a major deficit affecting big enterprises and organizations. To help prepare enterprises embrace success transition in leadership, this study focuses on planning for executive succession in both Small and large business enterprises. Succession planning receives extensive interest in the for-profit business literature (Beatty & Zajac, 1987; Brady & Helmich, 1984; Dalton & Kesner, 1985; Kesner & Sebora, 1994; Lynn, 2001; Vancil, 1987). The idea of succession planning spans a series from any endeavors to plan for succession to an extroverted view of organized internal talent development. Some level of succession planning is imperative, with succession plans linked with higher organizational performance

. Evidence further indicates frequently insufficient succession planning; smaller organizations especially may perceive inadequate resources to allocate to such planning, challenged by thin ranks of internal talent for grooming a successor (Ip & Jacobs, 2006).

Research interest to small business enterprises is very scant (Allison, 2002; Austin & Gilmore, 1993; Fletcher, 1992; Herman & Heimovics, 1989; Richie & Eastwood, 2006; Santora, Caro, & Sarros, 2007). However, succession planning is difficult in large enterprises sector because of inadequacy of proficient executive directors in the job market (Allison, 2002; Tierney, 2006), lower remuneration and poor organizational infrastructure and an increase in demand set of executive tasks (Tierney, 2006; Von Bergen, 2007), and attributes that make large organizations unappealing to entrepreneurs (Kunreuther, 2003; Von Bergen, 2007).

This study examines succession planning in multifaceted enterprises and organizations through a variety of questionnaires, interview questions directed towards executive directors, the different Nadia La Russa entities among others. Initial outcome indicates that the large organizations are likely to embrace the succession planning because they have more resources with which to use and apply this strategy. However, even after viewing succession planning as significant, they are doing little about it. Findings indicate that, there is a need to replace the executive leaders if enterprises are to remain a going-concern in the business world

CHAPTER 1: INTRODUCTION AND DESCRIPTION OF ORGANIZATION

Organizational Description- Nadia La Russa Enterprises

Nadia La Russa Enterprises is an umbrella company that governs six operating entities, each in a different stage of development. The six entities include:

Signature Financial Services -- a bookkeeping and accounting firm that specializes in offering customized solutions for home, small, and medium-based organizations that do not require full time bookkeeping staff.

Ottawa House -- a co-working space that allows for home-based businesses to take advantage of the amenities associated with having regular office space, without the overhead. This co-working space also allows for collaboration between business professionals and potential networking opportunities.

Zoom Courier -- a locally-based day courier specializing in professional appearance, timed, guaranteed delivery, and "green" initiatives.

Granite Towncars -- the solution for the in-between local transportation needs. The flexibility and professionalism of a limousine service, without the inconveniences associated with waiting for taxicabs or buses.

Frank Training -- a "to the point" business training firm that offers team building, management training, leadership, customer service and a vast array of business related courses. Frank Training also specializes in the LEGO Serious Play Methodology.

Update -- it is a social media company that allows business owners to manage their online social media presence, without the cumbersome task of having to manage it internally.

Problem statement

As an entrepreneur in a multifaceted enterprise, I have great interest in succession planning. I often observe and doubt the nature of management applicable in large organizations. There are many misgivings with the kind of management in multifaceted organizations and unless there is, leadership transition these organizations will continue suffering from poor management. There is no distinct, well-communicated succession planning endeavors across this organization. While there are various manager and leadership, development classes and opportunities offered within organization, employees are uncertain where to look and who to look to in terms of appraisal. In large organization, there lacks a synchronized or communicated effort to trail high performers to specific management positions within the organization. This deficiency of coordination and planning leads to uncertainty and speculation each time a senior leadership opening occurs.

This seeps down to both the middle management and lower management positions too.

The group of candidates for senior leadership emanates these ranks, but there lacks a synchronized effort to build up lower-level employees into the leaders of tomorrow. If this trend continues, the organizations will suffer from job dissatisfaction and lose viable high talent personnel to other organizations. Therefore, there is a need to introduce succession planning in multifaceted organization in order to allow for changes to the structure as the entities experience growth through the various stages of the planning

Project Purpose

The purpose of this study is to examine succession-planning efforts at multifaceted organizations across Nadia La Russa organization. By identifying the different entities,…

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