2nd HR Summit '2010' : SUCCESSION PLANNING

It was the presentation on SUCCESSION plan. The Core Principal Underlying Succession Planning

• Leaders really do matter
• Performance is what counts
• Today’s top performing leaders aren’t necessarily tomorrow’s
• Board set of experience & assignments is the best classroom
• It’s incumbent upon today’s “top-100” to leave a legacy of future talent
• Invest in the best

Benefits of having succession planning

• Develops talent and long term growth
• Improves workforce capabilities and overall performance
• Meets the career development requirements of existing employee
• Provides a Development Plan for Top Critical Positions
• Gives ability to measure leadership outcomes tied to the strategic plan, competencies and performance
• Creates a pool of high quality leaders to fill critical positions

They also discussed about the critical elements to a comprehensive succession planning system. The next system discussed was the succession planning cycle which includes four important steps:

• Understand development needs
• Indentify possible successors
• Develop and train successor
• Promote and compensate

The team discussed about Tata Group which is on the verge of announcing their successor. They also discussed the qualities of the possible candidates for the successor. The company that has already used this planning is General Electric. Succession planning started by Jack Welch in 1994 led to succession of Jeff Immelt in 2001.

Contributed by: Juhi Mishra & Ravi Dubey (PG-MBA 2nd year)