Succession: Are you Prepared for it?
I agree that family owned businesses pose a problem for succession planning. Also, there is organisational politics, where persons are promoted, or prepared for new posts based on political party sympathies, or the fact that the gate keepers in the organisation have preferences. Formal strategies for succession are therefore not adhered to. However there is also the fact that some individuals recommend themselves because of their unique skills, and the contribution they have made to overall organisational development. However, formal procedures in the traditional sense should be utilised in thinking about succession planning. This means the organisation will be looked upon as fair, and providing equal opportunity for those who show promise.
Sandeep Aggarwal, Chief Financial Officer of Aon-Hewitt Asia-Pacific, shares his thoughts on the Workday finance and HR analytics platform. He says the cloud-based system is intuitive and easy-to-use, but still provides powerful insights across the functions.