SUCCESSION PLANNING

Succession planning is based on the company structure; human resource plan; business plan; functional strategic objectives, business strategic objectives, and corporate strategic objectives to apply succession tools and models to create a contingency plan and conduct a review of the performances, education, experience, skills, and qualities of key personnel, review to update job descriptions and job specification of key positions that need to be succeeded in the present, upcoming and future to have a contingency plan to select successors with performances, education, training, experience, skills, and qualities suitable for key positions that need to be succeeded, the successors can be internal or recruited from outside. Ensure the company always has suitable personnel in reserve for succession from time to time. For internal successor candidates, the company needs to have a suitable training plan for each successor position. For external successor candidates, the company bases the job description and job standards for each successor position that are regularly updated.

BENEFITS OF SUCCESSION PLANNING

Succession planning helps the company always have successors for key positions in each period of implementing strategies; operations of leadership, management, supervision, and expertise are always smooth; prevent discontinuity and interruption in leadership, management, supervision, and expertise; reduce recruitment costs, save recruitment time, increase engagement, retain talent, prevent brain drain, improve organizational performance, help establish retirement plans for those who are about to retire and transfer their tasks to successors, and prevent disruption of key personnel; improve people’s motivation and job satisfaction in the company, successors are more enthusiastic to contribute, the company always has enough talent to work for key positions, the company always reviews recruitment procedures to recruit successor positions, improve learning and development, and leadership development and human resource development; company leaders demonstrate and share company values, personal values, ​​and vision to employees and stakeholders; prevent power struggles in the company; transfer experience, knowledge and skills between those who are about to hand over their jobs to their successors, etc.