CGF Research Institute (Pty) Ltd
 

Succession planning - Human resources

 

It is often argued that succession planning is the Board's - and indeed the Chairperson's - most important responsibility. Success in this task all but guarantees the long term sustainability of any fundamentally viable enterprise while greatly enhancing the chances of significantly improving shareholder value and other stakeholder benefits.

 

Succession planning may be defined as “a (deliberate) process by which one or more successors are identified for key posts (or groups of similar key posts), and career moves and / or development activities are planned for these successors.  Successors may be fairly ready to do the job (short-term successors) or seen as having longer-term potential (long-term successors).”

 

Succession management is a practice whereby a company may establish a culture of continuous leadership development that assists to create a match between the organization's future needs and the aspirations of individuals.

 

Both processes are inextricably linked and companies should aim at establishing succession planning and management as an indivisible and embedded process, one which ideally becomes a ‘virtuous circle' where there is constant identification, selection and grooming of a pool of potential successors for key executive and senior management positions.

 

Dr Wendy Hirsh: Independent Researcher & Consultant - Employee & management development

 


This newsletter has been supplied courtesy of CGF Research Institute (Pty) Ltd, a strategic partner of Proudly South African.

 

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