Succession Planning
The development of "high potentials" to effectively take over the current leadership when their time comes to exit their positions is known as succession planning. This type of leadership development usually requires the extensive transfer of an individual between departments. In many multinationals, it usually requires international transfer and experience to build a future leader. Succession planning requires a sharp focus on organization's future and vision, in order to align leadership development with the future the firm aspires to create. Thus successive leadership development is based not only on knowledge and history but also on a dream. 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 be current leadership representing the vision and HR executives having to translate it all into a program. According to Meir Jacob and Amit Cohen (1995) three critical dimensions should be considered: 1. Skills and knowledge 2. Role perception and degree of acceptance of leading role 3. Self-efficacy (Albert Bandura). These three dimensions should be a basis of any leadership succession programme.
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