Succession Planning Of General electrics

Succession Planning
Process for identifying and developing internal employees with the potential to fill critical organizational positions.

Merits of SP:
reduces risk creates proven leadership model Smooth business continuity Improves staff morale encourages hiring from within

Reasons for succession planning:

Identify high talent pool Promote development Refine corporate planning Establish talent pool

Succession planning process

Understand Development need

Ready for Movement

Identify possible Successor

Promote and Compensate

Develop & train Successor

Introduction Of GE
General Electric Company or GE, is an American
multinational corporation 1890, Thomas Edison had brought together several of his business interests under one corporation to form Edison General Electric The company operates through Energy, Technology Infrastructure, Capital Finance and Consumer & Industrial GEs presence in India dates back to 1902 GE installed Indias first hydro power plant in the country

GE was the Super Bowl of CEO succession planning. It was a wake-up call for companies that haven't thought about the next generation.

Stephen Unger, a managing partner an international executive search firm

CEO Succession Planning

Adopted Succession Planning from Mid-1900 In 1994, Welch created a list of essential qualities. Submitted a list of 23 candidates to GE Board By 1998, The original list narrowed down to 8 serious candidates

Movement of candidates across all its businesses

Major Tools Used at GE for Differentiating Talent

Vitality Curve 9 Blocks Accomplishment analysis

Conclusion
Succession planning helps in preparing future leaders , building up the performances, creates healthy working environment, and saves cost.

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