The Research Of Talent Management And Succession Plan From Y Company

With the strengthening of economic globalization, the competitions between the differentcompanies are more severe. The talents which are the motive power and core competitiveness tothe business development flow frequently. Talent is the basic element to ensure the sustainabledevelopment of the company. Company must strengthen the talents management which areattracting talents, managing talents, retaining talents and developing talents when companywants to adapt to the fierce international competition and gets the dominance in competition.Meanwhile, to ensure the company has sustainable competitiveness, the qualified talents aremust fulfill the key position constantly. Since it is high cost with high risk to hire externalcandidates, now many companies have been implementing the succession plan, training the highpotential employee and retain the key employees to fill key vacancies in company.The paper is reviewing the domestic and international talent management and successionplan, setting Company Y as an example to explore the talents management and succession planof Company Y. Find out the company’s successful practice, analyze the problems during theimplementing and raise suggestions for improvement. Through the comparison betweenCompany Y’s practice and our domestic companies’ practice, analyze the status and deficienciesof talent management and succession plan in our domestic companies, then dig out the reasonsand summarize the points which can be referred form Company Y.Firstly, according to the talent strategy of Company Y, detailed introduce the talentmanagement of Company Y which is including job evaluation, key positions’ definition, thedetermination of competence requirements in key positions, talents selection, talentsdevelopment and retain, leadership development and professional HR management. Secondly,introduce the succession plan implementation in Company Y. The processes are defining the key position which require the successors, identifying the competence requirements, checking theperformance and competence of all current employees, assessing the potential employees andchoosing the successors, finding out the gap between successors’ competence and thecompetence required by the key position, giving the related training to the successors, thesupporting system introduction and the evaluation of succession plan. Then the paper introducesa project–future leadership program, which is part of succession plan, reflecting how to selectfuture leaders, how to training the successors. Then sum up the practical experience fromCompany Y, getting the good practice and the parts which are needed to improve and raise theimprovement suggestions. Last but not the least, describe the current situation of talentsmanagement and succession plan from our domestics companies, summarize the problems andanalyze the reasons behind, compared with the successful practice of Company Y, conclude themerit lessons of talents management and succession plan from Company Y.