Succession Planning
A compelling reason for succession planning is organisation effectiveness. The Malaysian Code of Corporate Governance prescribes that “the Board must ensure that management of the highest calibre is available for appointment, training and promotion”. The Board must seek to appoint a capable Chief Executive Officer, and the Board must be satisfied that there are programmes in place to train and develop managerial capability. Ultimately, the Board ensures that there is orderly succession of management.
Principles of Succession Planning
In general, the objectives of Succession and Talent Management initiatives are:
- To develop an appropriate, fair and transparent system for succession planning and talent management.
- To identify internal capabilities for succession planning to top position (critical positions).
- To source for talent where there are talent gaps.
- To implement methods and systems for accelerated development and become superior performing Senior Managers.
At the Top Management level, it is insufficient to be a good manager. Top Managers must be Leaders or you will be led by events and others.
Following are the Phases of implementing the succession and Talent Management Programme in many organisations:-
An Overview of ICC’s Approach & Methodology for Succession Planning & Talent Management
This approach of creating a talent pool from different category of employees seems to be compatible with the need to develop and maintain a teamwork organisation culture. Shown below is the overall process to determine the talent pool.
