Dell Capital Management

Lesson: 22 Case discussions on Succession planning

Careers and Recruitment February 2002 Volume 20 Number 2 pp 201 - 202 .

Succession planning: Putting an organization's knowledge to work

Kevin Butler & Dona E. Roche-Tarry Kevin Butler is managing partner in the global health care practice and Dona E. Roche-Tarry is managing partner and a member of the international technology practice at Heidrick & Struggles, 3 Greenwich Office Park, Greenwich, CT 06831. From recruiting the right candidate to developing new leadership from within, succession planning is essential for an organization to meet its strategic goals. In today's highly competitive global environment, human capital is an organization's most important asset, often differentiating highly successful businesses from those that struggle. Yet, in the ongoing effort to develop a strong and capable workforce, many organizations focus almost entirely on hiring and training. They neglect succession planning-perhaps the most essential ingredient in building an organization that is capable of achieving its strategic goals. Today, succession planning requires more than just an organizational chart showing who holds what job within the enterprise. Best practice organizations use succession planning to develop and maintain strong leadership and to ensure that they address all the skills and competencies required for today's business environment. Succession planning can also be an extremely powerful tool in motivating and retaining top leadership. Succession planning is an ongoing, dynamic process that helps an organization to align its business goals and its human capital needs. It also ensures that an enterprise can keep pace with changes to the business, industry, and overall marketplace. To achieve outstanding results using succession planning, an organization must develop an effective and highly focused strategy that centers on organizational excellence. Understanding the need: In most cases, succession...