Family Business Succession Planning Strategies

Family Business Succession Planning Strategies-60
Elliott Jaques and others have argued for the importance of focusing assessments narrowly on critical differentiators of future performance.

Elliott Jaques and others have argued for the importance of focusing assessments narrowly on critical differentiators of future performance.Jaques developed a persuasive case for measuring candidates' ability to manage complexity, formulating a robust operational definition of business intelligence.Research indicates that clear objectives are critical to establishing effective succession planning.

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Vacancies are anticipated and slates of names are prepared based on highest potential and readiness for job moves.

Organization realignments are viewed as critical windows-of-opportunity to utilize development moves that will serve the greater good of the enterprise.

Merck and other companies argue that a "talent mindset" must be part of the leadership culture for these practices to be effective.

Organizations use succession planning as a process to ensure that employees are recruited and developed to fill each key role within the company.

Through one's succession-planning process, one recruits superior employees, develops their knowledge, skills, and abilities, and prepares them for advancement or promotion into ever more-challenging roles.

Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role.The Cognitive Process Profile (CPP) psychometric is an example of a tool used in succession planning to measure candidates' ability to manage complexity according to Jaques' definition.Companies struggle to find practices that are effective and practical.Professionals in the field, including academics, consultants and corporate practitioners, have many strongly-held views on the topic. There are many thought-pieces on the subject that readers may find valuable, such as "Debunking 10 Top Talent Management Myths", Talent Management Magazine, Doris Sims, December 2009. The Corporate Leadership Council, The Best Practice Institute (BPI) and the Center for Creative Leadership, as well as the Human Resources Planning Society, are sources of some effective research-based materials.Over the years, organizations have changed their approach to succession planning.A substantial body of literature discusses succession planning.The first book that addressed the topic fully was "Executive Continuity" by Walter Mahler.Studies indicate that companies that report the greatest gains from succession planning feature high ownership by the CEO and high degrees of engagement among the larger leadership team.Companies well known for their succession planning and executive-talent development practices include: General Electric, Honeywell, IBM, Marriott, Microsoft, Pepsi and Procter & Gamble.Taken narrowly, "replacement planning" for key roles is the heart of succession planning.In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions.

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