Succession planning in construction - Revision history

Designing Buildings at 08:18, 26 December 2020

2020-12-26T08:18:02Z

← Older revision		Revision as of 08:18, 26 December 2020
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	* Types of construction organisation.		* Types of construction organisation.

−	[[Category:~~Organisations~~]] [[Category:~~DCN_Organisation~~]] [[Category:Cost_/_business_planning]] [[Category:Roles_/_services]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Cost_/_business_planning]] [[Category:Roles_/_services]]

Editor at 11:51, 18 May 2018

2018-05-18T11:51:57Z

← Older revision		Revision as of 11:51, 18 May 2018
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	* Human resource management in construction.		* Human resource management in construction.
	* Management structure.		* Management structure.
		+	* Office manual.
	* Project manager.		* Project manager.
	* Project team.		* Project team.
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	* Types of construction organisation.		* Types of construction organisation.

−	[[Category:Organisations]] [[Category:Cost_/_business_planning]] [[Category:Roles_/_services]]	+	[[Category:Organisations]] [[Category:DCN_Organisation]] [[Category:Cost_/_business_planning]] [[Category:Roles_/_services]]

Designing Buildings at 10:10, 15 May 2018

2018-05-15T10:10:10Z

← Older revision		Revision as of 10:10, 15 May 2018
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	Succession planning is the process of devising a strategy to ensure an organisation and its business will transition smoothly and effectively from one leader or leadership team to another. This is an important consideration in all industries, as leadership positions will change due to retirement, resignation, dismissal, health issues, and so on. It is particularly important in construction in the UK, where more than 90% of all firms are family-owned. Construction is also facing an ageing workforce, with large numbers of ‘baby boomer’ leaders and business owners set to retire in the coming years.		Succession planning is the process of devising a strategy to ensure an organisation and its business will transition smoothly and effectively from one leader or leadership team to another. This is an important consideration in all industries, as leadership positions will change due to retirement, resignation, dismissal, health issues, and so on. It is particularly important in construction in the UK, where more than 90% of all firms are family-owned. Construction is also facing an ageing workforce, with large numbers of ‘baby boomer’ leaders and business owners set to retire in the coming years.

−	Succession planning can be a complex and time-consuming issue, and one that many feel can be put off to a later date. However, failure to effectively plan can be a critical factor in the future success of a business.	+	Succession planning can be a complex and time-consuming issue, and one that many feel can be put off to a later date. However, failure to effectively plan can be a critical factor in the future success of a business, particularly where there are no clear candidates currently within the organisation that are considered capable of taking over.

	Successful succession planning can prove beneficial for an organisation, as it can provide a renewal of focus and direction, a change in management style, and can maximise company value.		Successful succession planning can prove beneficial for an organisation, as it can provide a renewal of focus and direction, a change in management style, and can maximise company value.

Designing Buildings at 10:08, 15 May 2018

2018-05-15T10:08:59Z

← Older revision		Revision as of 10:08, 15 May 2018
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	Some key steps in formulating a succession plan include:		Some key steps in formulating a succession plan include:

		+	* Time schedules.
	* Understanding the current state of any succession planning.		* Understanding the current state of any succession planning.
	* Identifying the leader’s objectives for the plan.		* Identifying the leader’s objectives for the plan.
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	* Agreeing the level of influence and involvement the current leaders will continue to have.		* Agreeing the level of influence and involvement the current leaders will continue to have.
	* Agreeing when the plan should be reviewed and revised.		* Agreeing when the plan should be reviewed and revised.
−
−	~~Some of the key issues to be considered by an organisation when formulating a succession plan include:~~
−
	* The personal financial resources and retirement planning of the leader.		* The personal financial resources and retirement planning of the leader.
	* Income tax considerations.		* Income tax considerations.
−	* Time schedules.
−	* Forward strategies of the organisation.
−	* Any equity and/or capital restructuring.
	* Sources of funding.		* Sources of funding.
−	* The training and education process in place for the next generation of leaders.

	= Find out more =		= Find out more =

Designing Buildings at 10:07, 15 May 2018

2018-05-15T10:07:43Z

← Older revision		Revision as of 10:07, 15 May 2018
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−	Succession planning is the process of ~~working out how~~ an organisation and its business will transition smoothly and effectively from one leader or leadership team to another. This is an important consideration in all industries, as leadership positions will ~~need~~ to ~~be changed for various reasons (e.g.~~ retirement, resignation, dismissal, health issues, and so on~~), but especially~~ in construction ~~where,~~ in the UK, ~~over~~ 90% of all firms are family-owned with ~~the intention being~~ to ~~pass it on through~~ the ~~generations~~.	+	Succession planning is the process of devising a strategy to ensure an organisation and its business will transition smoothly and effectively from one leader or leadership team to another. This is an important consideration in all industries, as leadership positions will change due to retirement, resignation, dismissal, health issues, and so on. It is particularly important in construction in the UK, where more than 90% of all firms are family-owned. Construction is also facing an ageing workforce, with large numbers of ‘baby boomer’ leaders and business owners set to retire in the coming years.

−	~~Another reason for the importance of succession~~ planning ~~in construction is that it has~~ a ~~predominantly ageing workforce~~, ~~with large numbers of ‘baby boomer’ leaders~~ and ~~business owners set~~ to ~~retire~~ in the ~~next few years~~.	+	Succession planning can be a complex and time-consuming issue, and one that many feel can be put off to a later date. However, failure to effectively plan can be a critical factor in the future success of a business.

−	Despite succession planning sometimes being a complex and time-consuming issue, as well as being one that many feel can be put off to a later date, the failure to effectively plan can be a critical factor in the future success of a business. On the other hand, successful succession planning can prove beneficial for an organisation, as it can provide a renewal of focus and direction, a change in management style, and maximise ~~the~~ company value.	+	Successful succession planning can prove beneficial for an organisation, as it can provide a renewal of focus and direction, a change in management style, and can maximise company value.

−	Some ~~of the~~ key steps ~~involved~~ in formulating a succession plan include:	+	Some key steps in formulating a succession plan include:

−	* ~~Understand~~ the current state of ~~the~~ succession ~~plan, if any~~.	+	* Understanding the current state of any succession planning.
−	* ~~Identify~~ the ~~owner/~~leader’s ~~list of goals and~~ objectives for the plan.	+	* Identifying the leader’s objectives for the plan.
−	* ~~Identify~~ the company’s ~~list of goals and~~ objectives for the plan.	+	* Identifying the company’s objectives for the plan.
−	* ~~Assess any differences between the stated goals and the current position of the organisation.~~	+	* Identifying actions to move towards those objectives.
−	* Identify action steps that are required to move towards those ~~goals~~.	+	* Identifying and training the next generation of leaders.
−	* ~~Identify~~ and ~~train~~ the next generation of leaders.	+	* Agreeing how the any shares will be managed.
−	* ~~Agree~~ how the ~~leader’s~~ shares will be managed.	+	* Agreeing the level of influence and involvement the current leaders will continue to have.
−	* ~~Agree~~ the level of influence and involvement ~~with~~ the ~~company that the leader~~ will continue to have.	+	* Agreeing when the plan should be reviewed and revised.
−	* ~~Agree at what intervals~~ the plan should be reviewed and revised ~~if necessary~~.	+

	Some of the key issues to be considered by an organisation when formulating a succession plan include:		Some of the key issues to be considered by an organisation when formulating a succession plan include:

Editor: Created page with "Succession planning is the process of working out how an organisation and its business will transition smoothly and effectively from one leader or leadership team to another. Thi..."

2018-05-10T11:53:45Z

Created page with "Succession planning is the process of working out how an organisation and its business will transition smoothly and effectively from one leader or leadership team to another. Thi..."

New page

Succession planning is the process of working out how an organisation and its business will transition smoothly and effectively from one leader or leadership team to another. This is an important consideration in all industries, as leadership positions will need to be changed for various reasons (e.g. retirement, resignation, dismissal, health issues, and so on), but especially in construction where, in the UK, over 90% of all firms are family-owned with the intention being to pass it on through the generations.

Another reason for the importance of succession planning in construction is that it has a predominantly ageing workforce, with large numbers of ‘baby boomer’ leaders and business owners set to retire in the next few years.

Despite succession planning sometimes being a complex and time-consuming issue, as well as being one that many feel can be put off to a later date, the failure to effectively plan can be a critical factor in the future success of a business. On the other hand, successful succession planning can prove beneficial for an organisation, as it can provide a renewal of focus and direction, a change in management style, and maximise the company value.

Some of the key steps involved in formulating a succession plan include:

* Understand the current state of the succession plan, if any.
* Identify the owner/leader’s list of goals and objectives for the plan.
* Identify the company’s list of goals and objectives for the plan.
* Assess any differences between the stated goals and the current position of the organisation.
* Identify action steps that are required to move towards those goals.
* Identify and train the next generation of leaders.
* Agree how the leader’s shares will be managed.
* Agree the level of influence and involvement with the company that the leader will continue to have.
* Agree at what intervals the plan should be reviewed and revised if necessary.

Some of the key issues to be considered by an organisation when formulating a succession plan include:

* The personal financial resources and retirement planning of the leader.
* Income tax considerations.
* Time schedules.
* Forward strategies of the organisation.
* Any equity and/or capital restructuring.
* Sources of funding.
* The training and education process in place for the next generation of leaders.

= Find out more =

=== Related articles on Designing Buildings Wiki ===

* Business administration.
* Business model.
* Commercial management.
* Construction organisation design.
* Construction organisations and strategy.
* Human resource management in construction.
* Management structure.
* Project manager.
* Project team.
* Stakeholders.
* Types of construction organisation.

[[Category:Organisations]] [[Category:Cost_/_business_planning]] [[Category:Roles_/_services]]