Companies typically keep their succession plans secret from the affected employees, so nobody really knows where they are on the company’s ‘depth chart.’ Is this a good idea, or should companies be more open about this process?
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Companies typically keep their succession plans secret from the affected employees, so nobody really knows where they are on the company’s ‘depth chart.’ Is this a good idea, or should companies be more open about this process?
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- Succession planning is often misunderstood or undervalued in the workplace. According to Talent Management magazine, about 70 percent of companies say they participate in some form of succession planning. However, 62 percent also report having too few candidates for organizational needs, and a third of organizations report no succession plan at all. These numbers are low relative to just how important succession planning is to an organization’s success. Please state the challenges organizations have that lead to few candidates and or no succession plan at all.Succession planning is the process of recognising the critical positions within your company and evolving action plans for individuals to assume those positions. The organisations are now identifying the importance of diversifying their work environments in order to maintain competitiveness and success. Discuss the statement above with relevant examples.What benefits do organizations gain from using 360-degree feedback for succession planning?
- Why should organizations consider succession planning and what are some risks and benefits of doing so?Career development is a lifelong enterprise that we should focus on during all months of the year. Employers and employees can work together to establish a plan that identifies goals and skills that not only support business objectives but also meet the individual needs of employees to help them have a fulfilling career. Give some suitable suggestions through which you create successful management career.Based on best practices, describe elements of a robust succession plan. How would you apply those elements to your organization?
- You have just been appointed to head up the committee to plan the upcoming holiday party for your company, which employs around three hundred people. Susan, Mark, John, and Kathy have also been appointed to this committee. You have worked with Susan before and know that she will be a great worker. You have met Mark and Kathy, but do not know much about them. Unfortunately, you have heard that John can be difficult to work with. At any rate, you are really excited about planning this party and know that leading this committee will be a great opportunity to show your leadership skills. Based on this scenario and understanding of how to write internal e-mails, respond to the following: Create an e-mail draft to send to committee members about an initial meeting to discuss the party. In the e-mail, include any information that is appropriate to get everyone excited and on board to make this the best holiday party ever. Then, respond to the following: As this e-mail is being developed,…You have recently graduated from your university course and start work with an audit firm. You meet an old school friend, Nayan, for dinner — you haven't seen each other for several years. Nayan is surprised that you are now working as an auditor because your childhood dream was to be a ballet dancer. Unfortunately, your knees were damaged in a fall, and you can no longer dance. The conversation turns to your work, and Nayan wants to know how you do your job. Nayan cannot understand why an audit is not a guarantee the company will succeed. Nayan also thinks that company managers will lie to you in order to protect themselves. As an auditor, you would have to assume that you cannot believe anything a company manager says to you.Required:(a) Write a letter to Nayan explaining the concept of reasonable assurance, and how reasonable assurance is determined. Explain why an auditor cannot offer absolute assurance (3 marks). (200 -250 words)(b) Explain in the letter to Nayan the concept of…Baby Boomers and other older, more experienced employees are planning to retire in droves. However, when they leave, amazing multi-decade experience and connections will leave the company. For this reason, many companies are working on plans on how to retain these valuable employees when they choose to retire. What kind of strategy would be recommended for companies to take in order to not lose this potential talent and know-how? Why?
- You have been employed in the hospital’s business office for 12 years. Starting in a clerical capacity, you worked your way up through several jobs in the department. You consider yourself friends with all 14 other business office employees, and at least two of them are among your closest friends. Recently you were appointed business office manager. You willingly accepted the position. You believe that although one or two persons in the department may feel some slight resentment over your appointment, they are, for the most part, supportive. However, you realize that as a supervisor, it may sometimes be necessary for you to do things that are inconsistent with your feelings for this group of people, these people with whom you have worked for so long. Questions: Describe the effect of interpersonal communication when the supervisor is doing the talking. Describe the effect of interpersonal communication when the supervisor is doing the listening.What role best fits the following situation? Manny wants to be involved in a business but is not sure which type of business to join or create. He has capital to invest. He has a good network of potential investors and partners. He has no experience in management. Limited partner in a limited partnership. General partner in a limited partnership. Neither a limited or general partner would be a good choice.If a company's board of directors wants management to maximize shareholders' wealth, should the CEO's compensation be set as a fixed amount or should the compensation depend on how well the firm performs? If it is based on the performance, how should performance be measured?