Succession Planning Outline
How to Retain Skills and Knowledge in Workplace
- Introduction
1. Literature Review (Kridy Prum)
Introduction:
Objectives
Content - What is it
Definition: Identify and develop employees for key position - Why is it important
Benefits
Preparing for disaster: Retirements of important and key employees
Reduce costs and time
Building skills for employees, closing skills gap - HR’s role in succession planning
Providing data of candidate
Knowledge, skills, ability and other characteristics
Responsibilities, past performance rating
Create plan or strategies
Controlling the process, meeting objective 2. Knowledgement Management, Talent Management, link to succession planning (Hour Sok)
- - Knowledge management: it plays an important roles in succession planning.
Capture skill and information and sharing them between the employees and different department of the
organization.
It’s how employees get the information and skill before moving in the key position. (Train how to be the
successor
How knowledge management play a role in succession planning?
Making learning as the part of the organization.
Retain knowledge from key employees\
How do we retain it?
Allow employees to have equal opportunities to do cross-training and job rotation.
Employee mentoring. - Talent management:
why Talent management?
Using the 9 boxes to determine (Potential and performance)
Not all employees are born to be a leader
Make a development plan the high potentials to become a successor - ❖
➢
➢
❖
➢
➢ 3. Succession Planning Process of Corporations (Chhayuth)
- Step 1: Identify critical positions
Internal Factor:
How important is the position to the company?
How much does it impact the company financially?
External Factor:
Market conditions
Level of competitiveness
- Step 2: Identify competencies ❖ A clear understanding of capabilities needed for successful performance in key areas and critical positions
is essential for guiding learning and development plans, setting clear performance expectations, and for
assessing performance
- Step 3: Identify succession management strategies ❖ choose from a menu of several human resource strategies, including developing internal talent pools,
onboarding and recruitment to address succession planning.
- Step 4: Document and implement succession plans ❖ Once strategies have been identified, the next step is to document the strategies in an action plan. The
Succession Planning: Action Plan provides a mechanism for clearly defining timelines and roles and
responsibilities.
- Step 5: Evaluate effectiveness ❖ To ensure that the department or agency’s succession planning efforts are successful, it is important to
systematically monitor workforce data, evaluate activities and make necessary adjustments. 4. Family business (Seakly But)
Similarities and Differences between Family and Corporation business
Benefits of succession plan in Family Business
- advantage and disadvantages
- benefits for employee and employers Family Consideration
- Financial Security
Governance
Next-generation and family changes Strategies to improve Succession Planning in Family Business
Treat succession planning like it is urgent
o Don’t ignore it and hire expert trusted advisor to solve conflict in
family business
- Plan for a process, not an event
o Planning and Preparing for the future succession planning - Rally around your family values
o Create a strong shared values between family
o Create strong family value to guide during conflict within business
and to make tough decision - Hold meeting and discuss succession
o Communication is key to every generation of business
o Hold meeting for all influential members to discuss about succession planning
o Having the advisor to facilitate the meeting - Educate your family
o Education is foundation of successful transition
o Teach and train them to understand the succession process
O Be able to handle conflict in workplace - Develop a written family constitution o Construct succession planning in written family constitution for every
generation to emphasize family value
There five level of family succession planning process:
- Level one: Ascertain the Owner’s Goals and Objectives
Level two: Manage Financial Needs and Financial Planning
Level three: Developing Management (train successor management team)
Level four: Transferring Ownership
Level five: Transfer Tax Minimization 5. Effectiveness of Succession Planning: (David)
- How we evaluate the effectiveness of succession planning: - How to ensure that Succession planning work in Corporation: - The Challenges to Succession Planning: - 6. Case Studies of Succession Planning in Cambodia: (Nayuth)
Angkor: Samrach Lim
Romanson: Sal
Pho Samaki
Conclusion Bunna Seng is the owner of Pho Samaki restaurant. It has 2 branches, one is in Phnom
Penh and the other one is in Sihanoukville. He has family members working for him, his 2 brothers.
Although there are 3 family members involve in the business, Bunna Seng is the only member who
invested in the business. The other 2 are just there to manage and control the business. Bunna Seng
will be retired in 17 years, his sons and daughter will be the successor of the restaurant. The three
of them will get equal ownership, however, the oldest one will be the one who get to control and
manage the restaurant. Even Though in 17 years he will be retired and his son will take control over
the restaurant, but he will also maintain his control on the restaurant. As we know, the successor of
a particular business must have the knowledge, the skill and the ability to control and manage the
business. As for Bunna Seng's son, Bunna take him to the restaurant pretty often to ensure that he
understand the day to day operation in the restaurant and also to develop his knowledge and skill
in that area. Bunna also teach his son how the finance work in the business. He also ask his son to
involve in sale and marketing, he ask his son to set up a facebook page for the restaurant, so more
people will be reached. There are 2 key employees in Pho Samaki restaurant, both of them are
Bunna's brothers. According to Bunna, they both will also receive some of the share ownership, but
it's little compare to his children. Since they both are there to help plus they also receive salary for
their work. Moreover, since the majority of the restaurant ownership will be given to his children,
Bunna's wife get none. So in case Bunna divorce, it will not have effect on the restaurant. If
something happen to Bunna, his ownership will be directly transfer to his children. Bunna does not
have buy and sell agreement because he is the only ownership of the restaurant. Cites:
ftp://ftp.repec.org/opt/ReDIF/RePEc/ibf/ijmmre/ijmmr-v4n2-2011/IJMMR-V4N2-2011-8.pdf
http://www.albertacanada.com/successionplanning.pdf http://www.smartcompany.com.au/business-advice/strategy/six-simple-stepssuccession-family-businesses/ (strategy succession plan in family business)
https://l.facebook.com/l.php?u=http%3A%2F%2Fwww.disinherit-irs.com%2Farticles
%2FPractical_Succession_Planning_for_the_FamilyOwned_Business.pdf&h=ATNzPstlu28Zoje33lfQdGIJ98hNRGVwyn9oscSRWQ_N5QXupdN4sLSp
T-CLTr68uUjcXlY8c3wlaxXqiLxdSDpJWmUCU7664me50hMdv7GS0RGCNjgjkmljd3cXHJZhZRGRR8HPpXQ (succession plan process, family)

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