Informal Succession Planning Essay

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Succession Planning: Informal and Formal Methods Nowadays, succession planning is a must for all organization sizes. Unfortunately, businesses allow barriers to be their excuse in not formalizing a succession planning. As a result, firms will produce an informal process for short-term purposes and forgot to come up with solutions for long-term problems. Overall, succession planning must involve the very top, the board of directors, and have human resources (HR) aid in advancing tomorrow’s leaders for today’s roles. Barriers to Succession Planning Many corporations struggle with bringing in quality talent into business (Paradise, 2010). Consequently, as the workforce continues to change at warp speed, talent benchmarking strategy is the biggest challenge management faces now and the next five years in all forms of succession planning (Sims, 2014). A strategy to overcome talent benchmarking is having talent reviews along with meeting notes (Sims, 2014). Documenting what took place in the talent review is essential for management to get planning underway and refer to the order of what should happen first, second, and so forth in talent management (Sims, 2014). Although it might be true that talent benchmarking being the mightiest challenge in informal succession …show more content…

One reason enterprises use informal method of succession because of the emotional aspect of having to judge the CEO on his or her performance (Cheloha, 2009). Since electing a new successor who is similar to the predecessor or a high-potential within the organization can be risky, the board of directors must be cautious of hurting other people’s feelings when they overlooked for someone (Cheloha, 2009). In addition, if the new successor were to leave, their loyal other ‘cream of the crop’ can walk out the door along with them and leave a lot more critical vacancies to fill (Cheloha,

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