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SERIAL NO.NAME OF MEMBERSROLL NO.01.Md. Abul Kasem0669105602Mahul Al Rabby0669108603.Shital Chandra0669108804.Bijoy Kumar Das0669112605.Md. Shah Alom0669113406.Md. Waliul Islam06691172

TOPICS Succession Planning: An optimum productivity through people.

Definition of Succession PlanningSuccession planning entails identification of employees who possess the skills to meet future organizational challenges.Succession Planning is a strategy of workforce planning. It is a process designed to ensure the organization recruits and develops new hires and in-house staff to fill each key role within the organization. Its goal is similar to workforce planning having the right people in the right positions at the right time.Succession planning is a systematic process where managers identify, assess and develop their staff to make sure they are ready to assume key roles within the company.Finally, succession planning is a process through which companies plan for the future transfer of ownership and/or top management.

Main objectives of succession planning

Anticipating executive level changes and understanding how existing bench strength will impact continuity of business operationsProviding understanding of how the organization structure may evolve upon the departure of a leaderProviding leadership continuity through planning for unforeseen and unexpected eventsIdentifying leadership gaps and ensure existing development plans are adequate to meet the organizations future needsCommunicating organization goal among the staff with the resultant optimum productivity is ensured.

SUCCESSION PLANNING MODEL

Step 1 - Identify Key Positions Positions that require specialized job skills or expertise. High-level leadership positions. Positions that are considered "mission-critical" to the organization. Step 2 - Build Job Profiles for each Key Position Determine the key success factors of the job and how proficient the job holder would need to be. This information can be obtained several ways, including performing job analysis or gathering critical information during the performance appraisal process. Step 3 - Competency Gap Analysis Gather data on current employee competencies for the key positions Analyze the difference between current employee competencies and future needs

Step 4 - Development Opportunities Assess the abilities and career interests of employees . Candidates should demonstrate high potential or ability that will enable them to achieve success. Step 5 - Individual Development Plans Design a plan for each candidate - developmental plans should be available for candidates and then incorporated into their performance management plans. Provide development opportunities - This can be accomplished through job assignments, training, or job rotationStep 6 - Maintain Skills Inventory Continually monitor skill and need to determine any gaps and develop plans to meet deficiency Keep an inventory of current and future needs and maintain the information for individual and group development .

Factors to be considered to implement Succession planning

Improve the companys bench strength in key positions.Identify what skills the organization will need in 5, 10 or 15 years.Identify high-performers that are almost ready to step into those critical positions.Analyze the workforce and identify who will be eligible for retirement within the next five years.Identify the responsibilities, skills and competencies that will be needed by their replacements.Must have the support and backing of the company's senior level management.Must be part of an integrated HR process that includes training, development and performance appraisal.A system for communicating succession planning information to managers must be established.

Recommendations for actionEnsure that all key employees understand their career paths and the roles they are being developed to fill.Educate employee on the new trends in succession planning and instill a strong process to build succession bench strength.Ensure that succession planning is integrated with other processes of talent management including performance management, training and development, compensation, and assessment.Link succession planning to competency management and include a reporting and analytics component.Integrate with career development tools.Automate the succession planning process for greater efficiency and less operational risk; andDevelop both a top-to-bottom approach and also a bottom-up approach for succession planning.

Conclusion Through succession planning, the organization assesses its leadership needs. This leads to a formal evaluation of the knowledge, skills and abilities with the resultant ensuring optimum productivity. A succession plan can motivate employees to perform with advancement in mind. Succession planning is also a means to monitor and reward performance and professional development. It is evident that succession planning is not an individual or small-group effort. It requires continuous investment of time, resources, and support by the given company as a whole, and input and advice from financial and legal experts to ensure optimum productivity with the resultant maximization of profit.

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