Succession Planning, Capstone Project Example

Description of Topic

Within a major corporation or company, it is important to have knowledgeable and experienced employees in leadership positions. The point of succession planning is the process in which selects and develops employees internally that can fill leadership positions. It is pertinent to prepare and train employees in an ongoing process, which keeps the talent pool within the organization. The essential component of effective succession planning is continually to feed the leadership pipeline for backup candidates. The main problem with succession planning is that management usually has trouble when identifying and training the right employees for the right positions. There is usually not a formal process in which allows for time investment in determining the proper performance standards, and skills for the right positions. Companies often lack a strategic plan or process that hinders qualified candidates, and the process of succession planning is outdated. This affects all organization that still rely on mediocre or outdated metrics to measure performance and skills. This issue is important because succession planning is a method in which helps promote qualified candidates into leadership roles in the company. Additionally it provides a smooth success and continuation of the organization to rely on experienced and skilled employees. These problems should be addressed as the talent pool continues to grow, and skills change to work towards creating a competitive edge.

Project Rationale

In looking at the topic of succession planning, the aims of this research is to examine the importance of succession planning in the business industry. As well as see how management needs to upgrade their formal process of replacement planning for their internal employees. The main objectives are to look at the how succession planning helps to keep talented and skilled employees within the organization. Additionally examine how training employees to a leadership position help keep the organization successful. The primary objective of succession planning is in sustaining the performance and initiatives of the organization to continue to meet the goals of the organization, especially when dealing with turnovers. This is mainly seen in the public sector, as employee retention is pertinent as the economy prepares for the shortages in the talent pool. As labor demand increased, many are losing workers due to emigration or retirement. This is practiced particularly in the United States, as well as Asia in which faces many challenges to retaining workers.

The business reasons as well as the anticipated outcomes surround the questions that will be asked and answered:

• What type of challenges do organizations faced when implementing effective succession planning?
• Does the succession planning by the organization provides employees with benefits or incentives in which identifies the employee’s efforts in accomplishing the goals of the organization?
• How does the public sector succession planning create problems for public servants?
• How does the public sector industry work towards developing an effective succession plan?

The outcomes are to discuss how the public sector differs, as well as how public servants are effective by the lack of development in succession planning today. This information is fundamental in helping managers and supervisor identify employees for retention, continued success, and rewarding and recognizing talent in any organization.