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The practice of business succession planning is conducted either by organisations themselves, or with the support of specialist Management consulting firms. Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise.
Provides a competency framework for the transfer of critical knowledge, skills, and experience prior to succession – and for preparing candidates for this transfer via training, coaching and mentoring; Informs curriculum development for leadership development programs, a necessary component for management succession planning
Knowledge management (KM) is the set of procedures for producing, disseminating, utilizing, and overseeing an organization's knowledge and data.It alludes to a multidisciplinary strategy that maximizes knowledge utilization to accomplish organizational goals.
Once the competency model has been created, the final step involves communicating how the organization plans to use the competency model to support initiatives such as recruiting, performance management, career development, succession planning as well as other HR business processes.
For such a plan to be successful, a screening of future leadership should be based not only on "what we know and have" but also on "what we aspire to become". Persons involved in succession planning should include current leadership members who can articulate the future vision. Three critical dimensions should be considered: Skills and knowledge;
One strand of his work examined how succession issues could be examined for knowledge workers [7] Rothwell's work on competencies could also be related to work on succession planning, talent management, and training and development.
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