Succession planning is a key element of business sustainability. The establishment of an effective training program to cultivate management talent can safeguard the company against potential financial losses from unforeseen changes in the industry, identify gaps between the target skillsets and those of the existing work force, meet human resource needs, motivate employees, retain top talent, provide a clear career path for staff, and develop talent with multiple skillsets for key positions that require a broad range of professional skills.
The company’s succession management training program is as follows:
- A successor shall demonstrate the following characteristics: integrity and honesty; values commitments and innovation, and earns the trust of clients, shareholders and stakeholders; identifies with the company’s corporate values; possesses high level of professionalism; and the capability to undertake long-term challenges.
- The senior management comprising of board directors, presidents and senior vice presidents play important roles and are key decision-makers in the company, and these positions require highly specialized training strategies in areas that cover management skills, professional skills, personal development and job rotation. Each of this area can be covered as a module lasting between two to three years. The company will choose candidates from among these potential pool of management trainees, to fill the positions of the future chairman, CEO and other senior level management.
- In addition to selecting candidates who identify with our corporate values, the training programs for board directors and key management positions of the company and its major subsidiaries shall be established in accordance with the following procedures and steps:
- obtain commitment to the program
- review of the entire current staff
- evaluation of candidates’ performance
- analysis of current and future HR needs
- assessment of candidates’ potential
- establishment of an appropriate plan for training and talent cultivation
- evaluation of program effectiveness