Retirements of Key Managerial Personnel

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Retirements of Key Managerial Personnel

Figure 4-4 Job openings by major occupational group, projected 2012–2022, in thousands of openings Source: Occupational Outlook Quarterly (Winter 2013–14): Page 9. Accessed February 23, 2014, at http://www.bls.gov/ooq.

 

90 Part 2 • Staffing

 

per-employee basis, as two 20-hour-a-week part timers may have comparably pro-rated, scaled back benefits. Other companies may reduce the workweek from five days to four thereby having a 20 percent reduction in wages. Some companies may offer an unpaid holiday option where instead of taking two weeks off, employees are being asked to take five, with three being unpaid.

 

The classic case of a firm that believes a no-layoff policy is best for continuous well-being of the firm is Cleveland’s Lincoln Electric, a manufacturer of arc welding equipment. Lincoln Electric offers its Guaranteed Continuous Employment Plan, which provides covered employees with security against layoffs because of lack of work.11 Since the 1930s, this $3 billion com- pany has kept its promise to its U.S. employees to never lay them off for economic reasons. For decades, wages were 20 to 30 percent above industry averages. The firm believes that a stable workforce provides a long-term competitive advantage. In difficult times, hours are reduced, people are reassigned, and white-collar salaries are cut. As long as workers meet the firm’s performance standards, no one is laid off.

 

The recession that began in 2007 created uncertainty, and job losses were prevalent in much of the media industry. Gawker Media founder Nick Denton faced difficult staffing choices because of the recession. Ultimately, they chose to hire new talent in growth areas of their business, but laid off employees assigned to underperforming areas of the business. The following Watch It video describes Gawker Media’s efforts to make staffing decisions to the benefit of the company’s long-term success.

 

Watch It 3 If your instructor has assigned this, go to Managemental to watch a video titled Gawker Media: Personnel Planning and Recruiting and to respond to questions.

 

succession planning: A Component of strategic planning succession planning is the process of ensuring that qualified persons are available to assume key managerial positions once the positions are vacant.

 

Nothing could be as important to the strategic well-being of a company as ensuring that a qualified person is in place to lead the company both now and in the future. This succession planning definition includes untimely deaths, resignations, terminations, or the orderly retirements of key managerial personnel. The goal is to help ensure a smooth transition and operational efficiency, but the transition is often difficult. The Institute for Corporate Productivity (i4cp) paper “Succession Planning Highlight Report” found that succession planning will be among the top five challenges executives face in the future.12 However, in another survey, more than half of U.S. and Canadian companies surveyed could not immediately name a successor to their organization’s chief executive officer.

 

General Electric (GE) provides an example of a company with an excellent succession plan. At GE the goal is same-day succession. When senior vice president Larry Johnston quit to become the CEO at Albertsons, the position was filled the same day. Bill Conaty, former senior vice president of HR at General Electric said, “We had candidates with two or three backups for all key positions—including the C-suite and all business units. And the board already knew who was lined up thanks to six-month reviews.”13 This process is in sharp contrast to the difficulty that Hewlett-Packard has experienced in the selection of a new CEO. HP has its third CEO in slightly more than a year14 and its eighth CEO since 1999. 15None of the former CEOs at HP had implemented a succession plan that would have at least identified internal candidates who were qualified to take over should the need arise.16 This form of disruption can be a serious drain on both morale and the financial well-being of the firm.

Retirements of Key Managerial Personnel

Because of the tremendous changes that will confront management this century, succession planning is taking on more importance than ever before. Deaths are not the only challenges that have created an increased focus on succession planning. For example, the premature firing of CEOs is no longer a rare event. CEOs are being terminated more quickly than in the past.

Retirements of Key Managerial Personnel

ObjeCtive Retirements of Key Managerial Personnel4.6

Retirements of Key Managerial Personnel

Describe strategic succession planning in today’s environment.

Retirements of Key Managerial Personnel

succession planning Process of ensuring that qualified persons are available to assume key managerial positions once the positions are vacant.

Retirements of Key Managerial Personnel

ChaPter 4 • StrategiC Planning, human reSourCe Planning, and Job analySiS 91

Retirements of Key Managerial Personnel

In recent years, succession planning is going much deeper into the workforce. A firm might have a good succession plan for top-level positions but few plans for the levels where all the work is performed. There is a movement away from traditional succession planning, which was focused only on top executives of the company. Succession management is now involving middle managers, where they are developed to help ensure that key roles below the C-suite have ready replacements.17 The succession plan needs to consider both external and internal candidates.

Retirements of Key Managerial Personnel

Succession planning is often neglected in small businesses because it is generally thought of in terms of replacing CEOs and key executives within larger businesses. But, succession planning is just as, or more, important for small businesses. A problem, however, is that only 31 percent of small business owners say their businesses are extremely or very prepared for such an event.18 Without proper succession planning, the company could face economic and tax disasters. Often the small business owner’s argument against succession planning may be “we’re too small,” “we’re too new,” “we have good people in place,” or “I’m not going anywhere soon.”19 Many of today’s small businesses will not survive to the next generation of same family ownership. In fact, it is estimated that only 30 percent of businesses make it to the second generation, and just 10 percent survive to the third generation.20 Peter Handal, president, CEO, and chairman of Dale Carnegie Training, said, “The failure to establish a comprehensive succession plan is a leading cause of this phenomenon.”21

Retirements of Key Managerial Personnel

job analysis: a basic human resource Management tool job analysis is the systematic process of determining the skills, duties, and knowledge required for performing jobs in an organization. With job analysis, the tasks needed to perform the job are identified. Traditionally, it is an essential and pervasive HR technique and the starting point for other HR activities. In today’s rapidly changing work environment, the need for a sound job analysis system is critical. New jobs are being created, and old jobs are being redesigned or eliminated. A job analysis that was conducted only a few years ago may now be obsolete and must be redone. Some have even suggested that changes are occurring too fast to maintain an effective job analysis system.

Retirements of Key Managerial Personnel

A job consists of a group of tasks that must be performed for an organization to achieve its goals. A job may require the services of one person, such as that of the president, or the services of 75, as might be the case with machine operators in a large manufacturing firm. A position is  the collection of tasks and responsibilities performed by one person; there is a position for every individual in an organization.

Retirements of Key Managerial Personnel

In a work group consisting of a supervisor, two senior analysts, and four analysts, there are three jobs and seven positions. A small company might have 25 jobs for its 75 employees, whereas in a large company 2,000 jobs may exist for 50,000 employees. In some firms, as few as 10 jobs may make up 90 percent of the workforce.

 

The purpose of job analysis is to obtain answers to six important questions:

 

1. What physical and mental tasks does the worker accomplish? 2. When is the job to be completed? 3. Where is the job to be accomplished? 4. How does the worker do the job? 5. Why is the job done? 6. What qualifications are needed to perform the job?

 

Job analysis provides a summary of a job’s duties and responsibilities, its relationship to other jobs, the knowledge and skills required, and working conditions under which it is per- formed. Job facts are gathered, analyzed, and recorded, as the job exists, not as the job should exist.22 Determining how the job should exist is most often assigned to industrial engineers, methods analysts, or others. Job analysis is conducted after the job has been designed, the worker has been trained, and the job is being performed.

 

Job analysis is performed on three occasions: (1) when the organization is founded and a job analysis program is initiated for the first time; (2) when new jobs are created; and (3) when jobs

 

ObjeCtive 4.7

 

Describe the types of information required for job analysis and the reasons for conducting it.

 

job analysis Systematic process of determining the skills, duties, and knowledge required for performing jobs in an organization.

 

job Group of tasks that must be performed for an organization to achieve its goals.

 

position Collection of tasks and responsibilities performed by one person.

 

92 Part 2 • Staffing

 

are changed significantly as a result of new technologies, methods, procedures, or systems. Jobs also change when there is increased emphasis on teamwork in organizations, empowerment of employees, or other managerial interventions such as quality management systems. Job analysis is most often performed because of changes in the nature of jobs. From job analysis information, both job descriptions and job specifications can be prepared.

Retirements of Key Managerial Personnel

The job description is a document that provides information regarding the essential tasks, duties, and responsibilities of the job. The minimum acceptable qualifications a person should possess to perform a particular job are contained in the job specification.23 Both types of documents will be discussed in greater detail later in this chapter.

Retirements of Key Managerial Personnel

Reasons for Conducting Job Analysis As Figure 4-5 shows, data derived from job analysis in the form of the job description/specifi- cation can have an impact on virtually every aspect of HR management.24 In practice, both the job description and job specification are combined into one document with the job specification presented after the job description.

Retirements of Key Managerial Personnel

Staffing All areas of staffing would be haphazard if the organization did not know the qualifications needed to perform the various jobs. A major use of job analysis data is found in HR planning (discussed later in this chapter). Merely knowing that the firm will need l000 new employees to produce goods or services to satisfy sales demand is insufficient. Each job requires different knowledge, skills, and ability levels. Obviously, effective HR planning must take these job requirements into consideration. Also, lacking up-to-date job descriptions and specifications, a firm would have to recruit and select employees for jobs without having clear guidelines, a practice that could have disastrous consequences.

Retirements of Key Managerial Personnel

Training and Development Job description information often proves beneficial in identifying training and development needs. If it suggests that the job requires a particular knowledge, skill, or ability, and the person filling the position does not possess all the qualifications required, training or development are probably in order. Training should be directed at assisting workers in performing duties specified in their present job descriptions or at developing skills for broader responsibilities.

Retirements of Key Managerial Personnel

Performance Appraisal Most workers want to know what they are supposed to accomplish and good job descriptions provide that. Then, employees should be evaluated in terms of how well they accomplish the duties specified in their job descriptions and any other specific goals that may have been estab- lished. A manager who evaluates an employee on factors not clearly predetermined is left open to allegations of discrimination.

Retirements of Key Managerial Personnel

job description Document that provides information regarding the essential tasks, duties, and responsibilities of a job.

Retirements of Key Managerial Personnel

job specification A document that outlines the minimum acceptable qualifications a person should possess to perform a particular job.

Retirements of Key Managerial Personnel

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.

GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER

CLICK ON THE LINK HERE:  https://phdwriters.us/orders/ordernow

Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!

Retirements of Key Managerial Personnel

PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!