Since the process of succession planning revolves around identifying, developing, and retaining human capital, human resources (HR) professionals are in the perfect position to become succession planning leaders within their organizations. In addition, HR professionals can use their unique acumen to strategically partner with the chief executive officer (CEO) and the board of directors to implement a succession plan that is aligned with the organization's strategic goals.
The HR professional, the CEO, and the board of directors comprise what can be called the "triumvirate" of succession planning. In fact, without the support of each player in this triumvirate, a succession plan will fail before it even has the chance to begin. Members of the triumvirate bring their own professional experiences, expertise, vision, and preferences. In addition, they each bring a unique personal awareness of the different demands, priorities, and strategic goals of their organization. Because all individuals involved in the triumvirate will have different viewpoints, it is imperative that they communicate and collaborate effectively with one another to identify the "right" successor for their organization.
This week, you begin to examine the vital relationship between HR professionals, the CEO, and the board of directors by selecting the organization that you will use to complete your cumulative Course Project.
To complete this Assignment, respond to the following in a 5 to 6-page paper:
Analyze corporate succession plans.
Briefly describe the organization that you have chosen.
What services does your organization provide?
How long has this organization been in the industry?
What is the organization's mission statement?
Summarize the change in leadership that this organization has undergone in the last 5 to 8 years.
Identify who the predecessor is, as well as his or her leadership style.
Identify who the successor is, as well as the competencies that make him or her the right candidate to assume this leadership role.
Include whether this change in leadership was due to an unforeseen circumstance, such as death, disability, disaster, or resignation, or if it was a foreseen succession, such as a planned retirement.
Identify the type of succession plan, if any, that this organization had in place. Support your answer with specific references to information found in your research.
Did this organization have a formalized system of succession?
If yes, describe which of the five generations of the succession planning life cycle your organization was in during this change in leadership.
If no, describe the negative effects that this lack of preparation might have had on the organization.
Describe the role talent management played in the selection process, positive or negative.
Evaluate the strategic alignment of the CEO, board of directors, and human resource (HR) professionals in succession planning.
Which member of the "triumvirate" had, or might have had, the most influence on the selection of the organization's new leader?
Support your answer by describing the steps or roles this member took to develop or select the successor.
Describe the strategic relationships among these three players. For example, did all contribute to the process of finding a successor? Did each member appear to be supportive and invested in the succession process?
Note: Your Assignment must include nine references to support your writing.