Determine Components of a Succession Plan

This week, you explored the strategic value of a talent management strategy. A talent management plan includes succession planning. Through your research, determine five to seven components of a successful succession plan.
Once you have determined the components, assess each one in terms of how it supports retention efforts along with potential recruitment needs.
Support your assignment with at least five scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including seminal articles, may be included.
Length: 5-7 pages, not including title and reference pages
Your assignment should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.

Talent Management and Retention
The term talent management may mistakenly conjure up images of a manager that manages performers, whether they are actors or athletes; however, talent management is a term used within workforce management that goes beyond this. Talent management can be seen as a holistic approach to attracting, engaging, developing, and retaining the skills and/or abilities of valuable employees that will meet current and future organizational needs and objectives.
In a way, talent management helps an organization meet external threats and factors such as a highly competitive job market, changes in technology, or demographics for a given industry such as baby boomers exiting the workforce. Also, internal factors can be addressed through talent management, such as equipping employees with the competencies to work with diverse populations, both internally and with external customers.
There are a few elements that provoke an organizations talent management strategy. These can include, but are not limited to, how line leaders view their roles in the development of people, perspectives on hiring talent for potential versus hiring for the position, and diversity and inclusion and its role in the staffing strategy. These and many more elements can affect the organizations talent management strategy.
There are many talent management strategies that can be used to support and develop efficient talent management programs. For example, the use of workforce planning to anticipate future staffing needs, a formal retention plan, the creation of replacement and succession plans, effective training, and career development programs should all be considered. All of these can be geared toward developing and retaining knowledge, skill, ability, and talent.
Be sure to review this week’s resources carefully. You are expected to apply the information from these resources when you prepare your assignments.

Resources:

Futterman, M. (2018). Need a succession plan? 3 Questions to help you get started. Journal of Financial Planning, 31(5), 2022