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Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, "replacement planning" for key roles is the heart of succession planning. Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business. Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise.
workforce scarcity. The present research intended to investigate the talent management as well as succession planning (SP) processes for talent absorption.
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Talent management and succession planning
Succession planning focuses on identifying and growing talent to fill leadership and business-critical positions in the future. In the face of skills shortages, succession planning has gained popularity, and is now carried out in both large and smaller organisations. This factsheet examines the typical roles covered by succession planning as well as the type of organisations who use it, and the difference between traditional and more recent approaches. It explores the relationship between succession planning and talent management programmes, investigating the balance needed when recruiting 'insiders' and 'outsiders', and the process of nurturing internal talent. It also looks at the activities covered by succession planning programmes, providing guidance on identifying successors, and the role of HR throughout this process.