Business Finance
Walden Building Organizational Capacity Through Succession Planning Paper

Building Organizational Capacity Through Succession Planning

Walden University

Question Description

All work must be in APA format. I have also included the course text and additional resources for your reference.

Since formal succession planning is a process that has not been widely or effectively implemented in all organizations, there is still much to be learned and developed. Human resources (HR) professionals, business leaders, and scholars are continually finding new information and formulating new strategies related to succession planning and management. In this Discussion, explore some of these future trends and advancements, and consider how they could be applied at the organization you selected for your Course Project.

For your Discussion, read Chapter 16, “The Future of Succession Planning and Management,” in the course text Effective Succession Planning to assess future trends and opportunities for improvement. In addition, conduct research using the Walden Library and other scholarly sources to further identify trends that could impact the succession planning process.

Write a cohesive and scholarly response based on your readings and research this week that addresses the following:

  • Assess future trends in succession planning
    • Identify which trends you feel will have the most impact on the practice of succession planning.
    • Briefly describe which trends would most significantly impact the organization that you chose for your Course Project. The organization that I chose is American Express, Corp
      • Propose strategies that could help this organization mitigate the negative and enhance the positive.
      • Support your answer by citing specific examples of the trends you identified, as well as applicable information from your Course Project.

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Effective Succession Planning jjj F O U RT H E D I T I O N This page intentionally left blank Effective Succession Planning F O U RT H E D I T I O N Ensuring Leadership Continuity and Building Talent from Within William J. Rothwell American Management Association New York • Atlanta • Brussels • Chicago • Mexico City • San Francisco Shanghai • Tokyo • Toronto • Washington, D.C. Bulk discounts available. For details visit: www.amacombooks.org/go/specialsales Or contact special sales: Phone: 800-250-5308 Email: specialsls@amanet.org View all the AMACOM titles at: www.amacombooks.org This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Library of Congress Cataloging-in-Publication Data Rothwell, William J. Effective succession planning : ensuring leadership continuity and building talent from within / William J. Rothwell.—4th ed. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-8144-1416-3 ISBN-10: 0-8144-1416-8 1. Leadership. 2. Executive succession—United States. 3. Executive ability. 4. Organizational effectiveness. I. Title. HD57.7.R689 2010 658.4⬘092—dc22 2009032036  2010 William J. Rothwell. All rights reserved. Printed in the United States of America. This publication may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019 About AMA American Management Association (www.amanet.org) is a world leader in talent development, advancing the skills of individuals to drive business success. Our mission is to support the goals of individuals and organizations through a complete range of products and services, including classroom and virtual seminars, webcasts, webinars, podcasts, conferences, corporate and government solutions, business books and research. AMA’s approach to improving performance combines experiential learning—learning through doing—with opportunities for ongoing professional growth at every step of one’s career journey. Printing number 10 9 8 7 6 5 4 3 2 1 To my wife Marcelina, my daughter Candice, my son Froilan, and my grandson Aden. You are the people who matter to me! This page intentionally left blank Contents List of Exhibits — xiii Preface to the Third Edition — xvii Acknowledgments — xxxi Advance Organizer for This Book — xxxiii Quick Start Guide — xxxvii What’s on the CD? — xxxix Part I Background Information About Succession Planning and Management Chapter 1 —1 What Is Succession Planning and Management? — 3 Six Ministudies: Can You Solve These Succession Problems? — 3 Defining Succession Planning and Management — 6 Distinguishing SP&M from Replacement Planning, Workforce Planning, Talent Management, and Human Capital Management — 12 Making the Business Case for Succession Planning and Management — 14 Reasons for a Succession Planning and Management Program — 16 Reasons to Launch Succession Planning and Management Depending on Global Location — 27 The Current Status of Succession Planning: What Research Shows — 27 The Most Famous Question in Succession: To Tell or Not To Tell — 29 Management Succession Planning, Technical Succession Planning, or Social Network Succession Planning: What Are You Planning For? — 30 Best Practices and Approaches — 31 American Management Association www.amanet.org vii Contents viii Ensuring Leadership Continuity in Organizations — 36 Summary — 41 Chapter 2 Trends Influencing Succession Planning and Management — 42 The Ten Key Trends — 43 What Does All This Mean for Succession Planning and Management? — 56 Summary — 56 Chapter 3 Moving to a State-of-the-Art Approach — 58 Characteristics of Effective Programs — 58 Common Mistakes and Missteps to Avoid — 63 The Life Cycle of Succession Planning and Management Programs: Five Generations — 75 Integrating Whole Systems Transformational Change and Appreciative Inquiry into Succession: What Are These Topics, and What Added Value Do They Bring? — 78 Requirements for a New Approach — 82 Key Steps in a New Approach — 83 Summary — 86 Chapter 4 Competency Identification, Values Clarification, and Ethics: Keys to Succession Planning and Management — 87 What Are Competencies? — 87 How Are Competencies Used in Succession Planning and Management? — 88 Conducting Competency Identification Studies — 89 Using Competency Models — 90 Newest Developments in Competency Identification, Modeling, and Assessment — 91 What’s the Focus: Management or Technical Competencies? — 92 Identifying and Using Generic and Culture-Specific Competency Development Strategies to Build Bench Strength — 93 What Are Values, and What Is Values Clarification? — 94 How Are Values Used in Succession Planning and Management? — 96 Conducting Values Clarification Studies — 96 Using Values Clarification — 97 What Are Ethics, and How Are Ethics Used in SP&M? — 98 Bringing It All Together: Competencies, Values, and Ethics — 100 Summary — 100 American Management Association www.amanet.org Contents ix Part II Laying the Foundation for a Succession Planning and Management Program — 103 Chapter 5 Making the Case for Major Change — 105 Assessing Current Problems and Practices — 105 Demonstrating the Need — 114 Determining Organizational Requirements — 118 Linking SP&M Activities to Organizational and Human Resource Strategy — 119 Benchmarking Best Practices and Common Business Practices in Other Organizations — 123 Obtaining and Building Management Commitment — 128 The Key Role of the CEO in the Succession Effort — 131 The Key Daily Role of Managers in the Succession Effort — 133 Sustaining Support for the Succession Effort — 133 Summary — 135 Chapter 6 Starting a Systematic Program — 136 Strategic Choices in Where and How to Start — 136 Conducting a Risk Analysis and Building a Commitment to Change — 137 Clarifying Program Roles — 139 Formulating a Mission Statement — 142 Writing Policy and Procedures — 149 Identifying Target Groups — 151 Clarifying the Roles of the CEO, Senior Managers, and Others — 155 Setting Program Priorities — 157 Addressing the Legal Framework — 158 Establishing Strategies for Rolling Out the Program — 167 Summary — 168 Chapter 7 Refining the Program — 169 Preparing a Program Action Plan — 169 Communicating the Action Plan — 170 Conducting Succession Planning and Management Meetings — 173 Training on Succession Planning and Management — 177 Counseling Managers About Succession Planning Problems in Their Areas — 185 Summary — 188 American Management Association www.amanet.org Contents x Part III Assessing the Present and the Future Chapter 8 — 189 Assessing Present Work Requirements and Individual Job Performance — 191 Identifying Key Positions — 192 Three Approaches to Determining Work Requirements in Key Positions — 196 Using Full-Circle, Multirater Assessments — 201 Appraising Performance and Applying Performance Management — 204 Creating Talent Pools: Techniques and Approaches — 207 Thinking Beyond Talent Pools — 212 Summary — 214 Chapter 9 Assessing Future Work Requirements and Individual Potential — 215 Identifying Key Positions and Talent Requirements for the Future — 215 Three Approaches to Determining Future Work Requirements in Key Positions — 218 Assessing Individual Potential: The Traditional Approach — 224 The Growing Use of Assessment Centers and Portfolios — 233 The Latest Issues in Potential Assessment — 236 Summary — 237 Part IV Closing the Developmental Gap: Operating and Evaluating an SP&M Program — 239 Chapter 10 Developing Internal Successors — 241 Testing Bench Strength — 242 Formulating Internal Promotion Policy — 246 Preparing Individual Development Plans — 249 Evaluating Individual Development Plans — 257 Developing Successors Internally — 257 The Role of Leadership Development Programs — 265 The Role of Coaching — 265 American Management Association www.amanet.org Contents xi The Role of Executive Coaching — 267 The Role of Mentoring — 268 The Role of Action Learning — 270 The Role of Acceleration Pools — 270 Summary — 271 Chapter 11 Assessing Alternatives to Internal Development — 272 The Need to Manage for ‘‘Getting the Work Done’’ Rather than ‘‘Managing Succession’’ — 272 Innovative Approaches to Tapping the Retiree Base — 281 Deciding What to Do — 284 Summary — 286 Chapter 12 Integrating Recruitment with Succession Planning — 287 What Is Recruitment, and What Is Selection? — 287 When Should Recruitment Be Used to Source Talent? — 288 Internal Versus External Recruitment: Integrating Job Posting with Succession Planning — 289 Recruiting Talented People from Outside — 290 Innovative Recruitment Approaches to Attract High Potentials — 293 Summary — 296 Chapter 13 Integrating Retention with Succession Planning — 298 What Is Retention, and Why Is It Important? — 298 Who Should Be Retained? — 299 What Common Misconceptions Exist in Managing Retention Issues? — 303 Using a Systematic Approach to Increase the Retention of Talented People — 305 Summary — 306 Chapter 14 Using Technology to Support Succession Planning and Management Programs — 309 Defining Online and High-Tech Methods — 309 Where to Apply Technology Methods — 315 How to Evaluate and Use Technology Applications — 315 What Specialized Competencies Do SP&M Coordinators Need to Use These Applications? — 327 Summary — 328 American Management Association www.amanet.org Contents xii Chapter 15 Evaluating Succession Planning and Management Programs — 329 What Is Evaluation? — 329 What Metrics Should Be Used to Evaluate SP&M Programs? — 330 What Should Be Evaluated? — 331 How Should Evaluation Be Conducted? — 334 How Can SP&M Be Evaluated with the Balanced Scorecard and HR Dashboards? — 339 Summary — 347 Chapter 16 The Future of Succession Planning and Management — 348 The Fifteen Predictions — 349 Summary — 370 Appendix I: Frequently Asked Questions (FAQs) About Succession Planning and Management — 371 Appendix II: Case Studies on Succession Planning and Management — 377 Notes — 409 Index — 429 About the Author — 447 A copy of the files on the CD-ROM can be found at www.amacombooks.org/go/EffectSuccessPlng American Management Association www.amanet.org List of Exhibits P-1. Age Distribution of the U.S. Population, Selected Years, 1965–2025 —xxi P-2. P-3. 1-1. 1-2. U.S. Population by Age, 1965–2025 —xxii Organization of the Book —xxvii How General Electric Planned the Succession —7 The Big Mac Succession —10 1-3. Demographic Information about Respondents to a 2009 Survey on Succession Planning and Management: Industries —17 Demographic Information about Respondents to a 2009 Survey on Succession Planning and Management: Size —17 Demographic Information about Respondents to a 2009 Survey on Succession Planning and Management: Job Functions of Respondents —18 Reasons for Succession Planning and Management Programs —19 Strategies for Reducing Turnover and Increasing Retention —23 1-4. 1-5. 1-6. 1-7. 1-8. 1-9. 2-1. 2-2. 3-1. 3-2. 3-3. 3-4. 3-5. 3-6. 4–1. 5-1. 5-2. Workforce Reductions Among Survey Respondents —26 Summary of Best Practices on Succession Planning and Management from Several Research Studies —32 Assessment Questionnaire: How Well Is Your Organization Managing the Consequences of Trends Influencing Succession Planning and Management? —44 Sarbanes-Oxley Act of 2002 —50 Characteristics of Effective Succession Planning and Management Programs —64 Assessment Questionnaire for Effective Succession Planning and Management —68 Chief Difficulties with Succession Planning and Management Programs —71 Simple Exercise to Dramatize the Need for Succession Planning and Management —76 Dow Chemical Company’s Formula for Succession —79 The Seven-Pointed Star Model for Systematic Succession Planning and Management —83 Interview Guide to Collect Corporate-Culture-Specific Competency Development Strategies —95 Demographic Information About Respondents to 2009 Survey on Succession Planning and Management: Job Functions of Respondents —107 Importance of Succession Planning and Management —108 American Management Association www.amanet.org xiii List of Exhibits xiv 5-3. Making Decisions About Successors in Organizations Without Systematic Succession Planning and Management —109 5-4. Questionnaire for Assessing the Status of Succession Planning and Management in an Organization —112 5-5. Worksheet for Demonstrating the Need for Succession Planning and Management —116 5-6. Interview Guide for Determining the Requirements for a Succession Planning and Management Program —120 5-7. Interview Guide for Benchmarking Succession Planning and Management Practices —125 5-8. Opinions of Top Managers About Succession Planning and Management —129 5-9. Opinions of Human Resource Professionals About Succession Planning and Management —130 5-10. Actions to Build Management Commitment to Succession Planning and Management —131 5–11. Rating Your CEO for His or Her Role in Succession Planning and Management —134 6-1. Model for Conceptualizing Role Theory —139 6-2. Management Roles in Succession Planning and Management: Grid —141 6-3. 6-4. Worksheet to Formulate a Mission Statement for Succession Planning and Management —145 Sample Succession Planning and Management Policy —150 6-5. 6-6. Targeted Groups for Succession Planning and Management —152 Activity for Identifying Initial Targets for Succession Planning and Management Activities —153 6-7. Activity for Establishing Program Priorities in Succession Planning and Management —159 6-8. 7-1. U.S. Labor Laws —161 Worksheet for Preparing an Action Plan to Establish the Succession Planning and Management Program —171 7-2. Sample Outlines for In-House Training on Succession Planning and Management —179 8-1. Worksheet for Writing a Key Position Description —198 8-2. Worksheet for Considering Key Issues in Full-Circle, Multirater Assessments —203 8-3. Relationship Between Performance Management and Performance Appraisal —206 8-4. Approaches to Conducting Employee Performance Appraisal —208 8-5. Worksheet for Developing an Employee Performance Appraisal Linked to a Position Description —211 9-1. Worksheet for Environmental Scanning —217 9-2. Activity on Organizational Analysis —219 9-3. Activity for Preparing Realistic Scenarios to Identify Future Key Positions —220 9-4. Activity for Preparing Future-Oriented Key Position Descriptions —221 American Management Association www.amanet.org List of Exhibits xv 9-5. Steps in Conducting Future-Oriented Rapid Results Assessment —223 9-6. How to Classify Individuals by Performance and Potential —226 9-7. Worksheet for Making Global Assessments —228 9-8. Worksheet to Identify Success Factors —229 9-9. Individual Potential Assessment Form —230 10-1. Sample Replacement Chart Format: Typical Succession Planning and Management Inventory for the Organization —243 10-2. Succession Planning and Management Inventory by Position —244 10-3. Talent Shows: What Happens? —247 10-4. Simplified Model of Steps in Preparing Individual Development Plans —251 10-5. Worksheet for Preparing Learning Objectives Based on Individual Development Needs —253 10-6. Worksheet for Identifying the Resources Necessary to Support Developmental Experiences —255 10-7. Sample Individual Development Plan —258 10-8. Methods of Grooming Individuals for Advancement —260 10-9. Key Strategies for Internal Development —261 11-1. Deciding When Replacing a Key Job Incumbent Is Unnecessary: Flowchart —274 11-2. Worksheet for Identifying Alternatives to the Traditional Approach to Succession Planning and Management —282 11–3. Tool for Contemplating Ten Ways to Tap the Retiree Base —285 12-1. Worksheet to Assess How Often and How Well an Organization Uses Traditional External Recruiting Sources —291 13-1. Worksheet to Calculate the Cost of Turnover —300 13-2. Worksheet to Compare Your Organization on Best Practices in Employee Retention —307 14-1. Continua of Online and High-Tech Approaches —310 14-2. Starting Point for a Rating Sheet to Assess Vendors for Succession Planning and Management Software —312 14-3. Hierarchy of Online and High-Tech Applications for Succession Planning and Management —316 14-4. Worksheet for Brainstorming When and How to Use Online and High-Tech Methods —319 15-1. Hierarchy of Succession Planning and Management Evaluation —332 15-2. Guidelines for Evaluating the Succession Planning and Management Program —335 15-3. Worksheet for Evaluating the Succession Planning and Management Program —337 15-4. Sample Incident Report for Succession Planning and Management —338 15-5. Steps for Completing a Program Evaluation of a Succession Planning and Management Program —340 American Management Association www.amanet.org List of Exhibits xvi 15-6. Checksheet for Conducting a Program Evaluation for the Succession Planning and Management Program —342 16-1. Worksheet to Structure Your Thinking About Predictions for Succession Planning and Management in the Future —350 16-2. Worksheet to Structure Your Thinking About Alternative Approaches to Meeting Succession Needs —355 16-3. Age Distribution of the U.S. Population in 2025 —358 16-4. Age Distribution of the Chinese Population in 2025 —359 16-5. 16-6. 16-7. 16-8. Age Distribution of the Population in the United Kingdom in 2025 —359 Age Distribution of the French Population in 2025 —360 Important Characteristics of Career Planning and Management Programs —364 Assessment Sheet for Integrating Career Planning and Management Programs with Succession Planning and Management Programs —366 American Management Association www.amanet.org Preface to the Fourth Edition The world moves faster than ever. Since the third edition of this book, many changes have occurred to shape succession planning and management as well as the related field of talent management. Just consider the changes: In the World ' The Recession of 2007 and Beyond: As this edition goes to press, unemployment in the United States has exceeded 9 percent, and the United Nations projects that the global unemployment rate could climb higher than 6.1 percent. As a result, some business leaders question whether the time and money devoted to succession planning and talent management are worth it when layoffs are increasing. ' The Lingering Aftereffects and Legacy of 9/11: When the World Trade Center collapsed, 172 corporate vice presidents lost their lives. That tragic event reinforced the message, earlier foreshadowed by the tragic loss of life in Oklahoma City, Oklahoma, that life is fragile and that talent at all levels is increasingly at risk in a world where disaster can strike unexpectedly. In a move that would have been unthinkable ten years ago, some organizations are examining their bench strength in locations other than their headquarters in New York City, Washington, or other cities that might be prone to attack if terrorists should wipe out a whole city through the use of a dirty nuclear wea ...
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Running head: THE FUTURE OF SUCCESSION PLANNING

The Future of Succession Planning

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THE FUTURE OF SUCCESSION PLANNING

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The Future of Succession Planning
Assess future trends in succession planning
The advent of technology has revolutionized succession planning and has seen
development of many changes in succession planning strategies. One core criteria is the use of
talent pools as opposed to positions (Grossman, 2011). This criteria groups employees based on
their talents, which guides their future training to create a talent pool. Such talent pools can then
enable selection of the best candidate to take up a position high up the organizational hierarchy.
Another core trend i...

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