LS222 Chapter Notes - Chapter 9: Baby Boomers, Headcount, Intellectual Capital
16 Apr 2014
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Succession management: the process of ensuring that pools of skilled employees are trained and available to meet the strategic objectives of the organization. Succession management consists of a process of identifying employees. Have potential to assume key positions in organization and preparing them for these positions. Ensures continuity in leadership and develops next generation. Identification of talent vs development of talent: organizations must prepare for expected and unexpected turnover. Baby boomers retiring (hold most leadership positions) Replacement planning: the process of finding replacement employees for key managerial positions. Replacement planning has existed for a long time it has involved into succession management by: Employees selected based on long term goals, developmental plans are aligned with strategic plans, not position replacements. Traditional approach concerned with immediate and short term replacements: doesn"t allow for intake or career management of those with different skill in growth areas, now looks at long term and focus on futures of 2+ years.
