Here's what the appointment of the new Reserve Bank Governor can teach you about succession planning
On Monday, President Jacob Zuma announced that Deputy Reserve Bank Governor, Lesetja Kganyago, will succeed Gill Marcus as governor of the Reserve Bank.
Last month, Marcus, said she'll step down when her five-year term ends on the 8th of November.
Kganyago's appointment has been praised by key role players. They say the move shows there's continuity at the Reserve Bank. This because Kganyago has been the Deputy Governor of the bank since 2011 after working as Director General of the National Treasury.
CEO of the South African Chamber of Commerce and Industry, Neren Rau, told EyeWitnessNews that Kganyago's appointment shows the bank's succession planning has worked. And you can learn a lot about succession planning from this appointment.
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You can learn a lot about succession planning from the Reserve Bank
According to the Practical Guide to Human Resources Management
, succession planning
is a process that ensures the right people with the right skills are in the right place at the right time.
It involves recruiting employees, developing their skills and abilities and preparing them for advancement, while also considering your company's mission, strategic objectives and available budget.
The best thing you can do for your company is to have a succession plan
The plan ensures your company's success continues no matter who holds key management, technical, operational or specialist positions.
Having a succession plan is especially important when you consider that stats show 70% of executive appointments made externally don't succeed!
But through succession planning, you can retain the skills vital to your business by appointing from within your existing staff complement. This is what the Reserve Bank has done exceptionally well and you can do it too in your company.
So let the new Reserve Bank Governor's appointment be a lesson on the importance of succession planning.
For more information on succession planning, checkout the Practical Guide to Human Resources Management.