Importance Of Succession Planning

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5.Promotion: According to Clothier and Spriegel, “Promotion is the transfer of an employee to a job which pays more money or one that carries some preferred status.” Promotion is the ultimate motivating factor for any employee because it moves employee forward in hierarchy ,with additional responsibility, higher respect, honour, with increase in grade pay and allowances. It stimulates self-development and creates interest in the job. when it comes to promotion of an employee, there are various reasons. The top reasons listed by , are as follows. The most obvious reason is the employee excels at their current job. This may be based on objective performance reviews and measurable results. The employee has earned the…show more content…
Employees are motivated and engaged when they can see a career path for their continued growth and development. For successful succession planning, the organisation must take its long term goals into consideration. Employees are motivated and engaged when they can see a career path for their continued growth and development. For this purpose, the institutions must hire superior staff. They need to identify and understand the developmental needs of the employees. They must also ensure that all key employees understand their career paths and the roles they are being developed to fill. Companies devise elaborate methods to characterize their succession and development practices. The first step is to identify key roles for succession or replacement planning . Then the organisation must define the competencies and motivational profile required to undertake those roles. Next comes assessment of people against them . After assessment, pools of talent that could potentially fill and perform highly are identified. These employees are developed to face advancement into critical key roles. When succession planning is done right, organisation , it has a qualified pool of candidates ,ready to fill critical or key positions. It helps individuals realize their career plans and aspirations within the organization.…show more content…
It applies to employees who have resigned and those that have been terminated by the company. When an employee is terminated there are a number of considerations that an organization needs to make in order to cleanly end the relationship between the company and the employee. Exit of an employee happens when the employee terminates his contract by resigning or an employer may terminate the contract by dismissing an employee. In any organisation there are three types of employment contracts. Short term or temporary , long term and contract basis. Short term employment is when an employee is hired for less than one year. These will normally end automatically once the end date is reached. However, the employer may wish to end the contract earlier or extend the contract. A temporary contract is usually around 3 months long.At the end of the temporary contract the employer may wish to offer you a permanent position or extend the temporary contract. Employees maybe hired on a contractor basis for the completing of a certain task. Once the task is completed or the event takes place the contract ends. Long term contracts are usually the extension of short term contracts. The organisation recognises the potential and skills of the employee and decides to retain him in the organisation. Dismissal is when the organisation ends the contract of an employee due

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