Essay on Succession Planning Procedure

2021-07-19 13:33:50
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Harvey Mudd College
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Succession planning entails identifying and developing new leaders who can succeed old leaders when they seek better pastures, die, or retire (Rothwell, 2010). The converse is a rubber shoe company that specializes in galoshes (converse, 2017). The company is looking for a CEO to fill in the position of the one who is nearing retirement. With the help of a strong succession, plan converse can identify and develop talent that will fit the position.

Chief Executive Officer is a significant person in any company and has to be knowledgeable, highly skillful and have other abilities to provide overall direction of the company. The CEO needs to be a holder of a degree or more since he or she will be responsible for driving converse vision, objectives and goals to its direction. Also, the CEO will be responsible for the representation of the company to the professionals and the local community. Among the skills and abilities he or she needs to have include: critical thinking, management of financial resources and personnel, negotiation, decision making and judgement, coordination, active listener, problem solving, time management, eloquent communicator, system analysis and evaluation, operation analysis (Kaplan, Klebanov, & Sorensen, 2012).

To find the best successor for this position I will select and develop the successor. An internal candidate will be the best for this position even though external candidates bring a fresh view to the organization. But an internal candidate highly understands the organizational culture and the local traditions. Another aspect to consider when selecting the candidates are the tangible and intangible qualities. Tangible qualities are available in the resumes but intangible qualities such as conflict resolution, interpersonal skills, are seen through daily interaction with other people. To train the ideal candidate will involve designing internal programs such giving them special assignments and take notes on the performance. These training will assist them in developing new skills, and refine the existing ones.

Once the successor has been identified, to make sure he or she does not leave the company will be through communicating the decision to each and everyone in the company. The successor will see the greater role that they will have and will choose not to leave. Additionally, creating strong incentives such as rewards, salaries, bonuses, stock options, stock ownership, corporate merchandise among others will ensure the successor does not leave. The incentives will not only ensure the successor does not leave, but it will also increase their motivation, boost their morale, and increase productivity.

The strategic leadership development will be the best process to identify a successor. The strategy is an ongoing process that recognizes the skills, knowledge, and abilities that an organization needs (Greater Milwaukee Foundation, 2008). The process will involve establishing an ongoing dialogue about strategic leadership development which can be during the executives annual performance review, using a strategic plan for the assessment of future leadership needs, investing in the development of the board and the staff, establishing an annual executive evaluation. Also, conducting regular board self-evaluation, evaluating employee performance and potential, conducting ongoing staff development and recruitment such as encouraging staff participation in professional association and community advisory committees.

References

Greater Milwaukee Foundation. (2008). ETI Overview of Succession Planning (pp. 5-6). Executive Transition Initiative. Retrieved from http://www.leadingtransitions.com/pdfs/ETIToolkit_1.pdf

Kaplan, S. N., Klebanov, M. M., & Sorensen, M. (2012). Which CEO characteristics and abilities matter?. The Journal of Finance, 67(3), 973-1007.

Rothwell, W. J. (2010). Effective succession planning: Ensuring leadership continuity and building talent from within. AMACOM Div American Mgmt Assn.

Our History. (2017). Converse. Retrieved 25 August 2017, from http://www.converse.com/uk/en/our-story/about-us.html

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