The present article dwells upon effectiveness of recession planning. Buhler (2008) notes that contemporary companies are facing numerous issues associated with human resources management. The author stresses that there is a war on hiring talented employees and keeping them working in the company. Buhler (2008) also points out that baby boomers retire at an unprecedented pace and companies are losing key players without having effective successors. Therefore, companies having succession plans have significant advantage as they do not find themselves in situations when they need to find an effective employee within limited period of time. Buhler (2008) stresses that some companies have a recession plan for executive positions, while almost 40% of companies do not have any plan at all.
The researcher admits that development of a recession plan as well as identifying talented employees can be a difficult task for a HR professional. Therefore, businesses can address other companies (e.g. consultants) to help them. Importantly, employees’ knowledge is crucial and it is acquired during years. Thus, retirees need to transfer their knowledge to their future successors. Buhler (2008) provides a couple of strategies to exploit. In the first place, the author emphasizes that employees should get continuous training. HR professionals should also repeatedly monitor talents within the companies. Buhler (2008) also adds that recession plans developed should be comprehensive and consistent. It is possible to provide external development to talented employees.
Finally, retirees should work side by side with their future (or possible) successors transferring their knowledge. Buhler (2008, p. 21) notes that this cooperation is a win-win situation for both retirees and his/her successors as successors get priceless knowledge while retirees “phase in their retirement lifestyles”. The company also benefits from such cooperation as all the positions are occupied by knowledgeable and experienced employees.
- I totally agree with the article content as I also think companies should have proper succession plans. Effective succession plans enable companies to function efficiently even if/when some employees leave or retire. I also agree that employees should be aware of the plan and understand that there is a career path for them. This will make employees more motivated and committed to remain in the company. Of course, the plan must be structured and it should address peculiarities of each position, at the same time.
- The information provided is consistent with my prior knowledge as I have already read a number of articles on the matter. Besides, a lot of companies have efficient succession plans. These companies are leaders in their niches, and this proves effectiveness of such planning.
- I will definitely apply what I learned as this will help me be an effective HR professional. I will develop (or participate in the development/review of) an appropriate recession plan for the company I will work for. I will pay special attention to key position, though I will also make sure other positions are included into the plan.
- I would recommend reading this article to HR employees, executives, educators and students as all these groups will acquire certain knowledge which will help them be more efficient and successful. The article reveals effectiveness of a succession plan and provides some insights into the plan’s implementation. It also makes managers (or future managers) pay attention to an effective way to address one of the most burning issues in the business world.
Reference List
Buhler, P.M. (2008). Managing in the new millennium. SuperVision, 69(3), 19-22. Web.