Describe succession planning and its benefits. What are the three stages for an effective program for developing high-potential employees?
What will be an ideal response?
Succession planning is the process of identifying and tracking high-potential employees who will be able to fill top management positions, such as general manager or CEO, when they become vacant.
Succession planning helps organizations in several ways: it requires senior management to systematically conduct a review of leadership talent in the company; it ensures that top-level management talent is available; it provides a set of development experiences that managers must complete to be considered for top management positions; and it helps attract and retain managerial employees by providing development opportunities.
An effective program for developing high-potential employees has three stages:
At stage 1, high-potential employees are selected, typically those who have completed elite academic programs or who have been outstanding performers. Psychological tests and assessment centers may also be used.
At stage 2, employees receive developmental experiences. Those who succeed are the ones who continue to demonstrate good performance, who are willing to make sacrifices for the company, and who have good communication skills. Those who meet expectations move to the next stage.
At stage 3, the CEO becomes actively involved in developing the employees, who are exposed to the company's key personnel and are given a greater understanding of the company's culture. Reaching this stage may take 15 to 20 years.
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