In a minimum of 500 words, document a succession plan for the leader (e.g., CEO)

Question

In a minimum of 500 words, document a succession plan for the leader (e.g., CEO) of a procurement and acquisition firm. Be sure to address the following questions in your response:

1. What are the critical knowledge, skills, and abilities (KSAs) of that position?

2. Will you select, train, or both for these KSAs?

3. How will you ensure your selected successor does not leave the firm?

4. What succession planning process will you use?

Follow the steps above in chronological order. Any sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations in APA format.

Explanation / Answer

CEO of procurement and acuistiton firm needs to knowledge on products, operation flow , cash flows , usage & allocation of funds . CEO should be a good leader, decision maker, proactive in approach , should have strong interpersonal skils and presentation skills.

CEO should be able to understand the product requirement . He should know where and what can be bought at better price. He should be able to create budget plan . He should plan the teams that are require to run the business. He should be able to recruit right candidates for the right job.

Then CEO should be able to create a goal for each team. He should plan the activities and direct the team. he should motivate the team to acheive the goals. He should prepare the contingency plans at every process step .

Then the process should be monitored rigourously by him. He should plan the appointments with the clients. Then he should close all the agreements with them by having understanding . Then he should drive the teams to acheive the goals in time .

As a leader , I need to select my team with certailn . I need to plan their activies as mentioned above . Train my team such that my team imbibe better qualities and gain more knowledge in the feild. Then the memebers will utilise their skills and knowledge to provide the better results.

Being a leader of the team , I need to ensure my selected successors should not leave the firm . Because they are trained in the process. In order to do that , I need to take my successors opinions . I need to empower them for certain duties. I need to allow them to take decisions for such duties . I need to be ensure that my successor is satified with the job and compensation given to him .

Succession process :

1) I need to get involved with the team to each and every work they do. I define the goals of the teams.

2) I define the Goals and responsiblities of each member in the team.

3) I will give the plan and time guidlines that teams to be followed

4) I will ensure all the work is getting completed in time as per the time liness

5) I will start preparing learnings from the mistakes that each team has done . then i will figure out soultions to avoid such mistakes .

6) I will use my motivation skills to drive the team at every possible step.

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