Succession Plan

KBZ GROUP SUCCESSION PLANNING & MANAGEMENT

At KBZ Group we consider succession planning as an essential component of the human resources planning and a key component of our Group’s sustainable development. For clarification, we have formalised our process for doing this into a five step process. It is designed to provide guidance for Managers and our Boards of Directors by providing an integrated and systematic approach for identifying, developing, and retaining capable and skilled employees in line with current and projected business objectives. The steps are outlined below.

STEP 1: IDENTIFY KEY AREAS & POSITIONS

Identify which positions are those that are critical to the Group’s operational activities and strategic objectives. Key areas are those that are critical to the Group’s operational activities and strategic objectives.

  • Identify which positions, if left vacant, would make it very difficult to achieve current and future business goals
  • Identify which positions, if left vacant, would be detrimental to our stakeholders and the realms in which we operate
  • Identify which positions, if left vacant, would be detrimental to our commitment to implementing our policies or to our corporate reputation

STEP 2: IDENTIFY CAPABILITIES, KEY AREAS & KEY POSITIONS

To establish selection criteria, focus employee development efforts, and set performance expectations to determine the capabilities required for the key areas identified in Step 1.

  • Identify the relevant knowledge, skills, abilities and competencies needed to achieve business goals
  • Assess performance/experience against key competency profiles
  • Inform staff about key areas of development for positions and the necessary skill requirements

STEP 3: IDENTIFY STRONG CANDIDATES & ASSESS

To establish selection criteria, focus employee development efforts, and set performance expectations. Determine the capabilities required for the key areas and positions identified in Step 1.

  • Discuss career plans and interests with employees
  • Identify the key areas and positions that are vulnerable and the candidates who are ready to advance or whose skills and competencies could be developed within the required timeframe
  • Ensure that an inclusive and sufficient number of candidates are in feeder groups for key areas and positions

STEP 4: DEVELOP AND IMPLEMENT SUCCESSION & KNOWLEDGE TRANSFER PLANS

Incorporation of strategies for learning, training, development, and the transfer of corporate knowledge into our succession planning and management.

  • Define the learning, training, development, and the transfer of corporate knowledge into our succession planning and management
  • Link employees’ learning plans to the knowledge, skills, and abilities required for current and future roles
  • Discuss with employees how they can pass on their corporate knowledge

STEP 5: EVALUATE EFFECTIVENESS

Evaluate and monitor succession planning and management efforts to ensure the following:

  • Succession plans for all key areas across the Group are developed
  • Key positions across the Group are filled quickly with the right candidates
  • New employees in key positions are trained and understand our policies and corporate culture in order to perform effectively
  • Inclusivity policies ensure the diversity of our staff in key areas and positions to bring creativity and ideas from all Myanmar society as well as international perspectives

All KBZ Group Senior and Middle Management staff are expected to understand, or are being trained in the importance and implementation of succession planning. It is a vital process in ensuring the long term success and sustainability of our Group.

 

Go to top